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The Guardian - US
The Guardian - US
Comment
Robert Reich

To prevent more bank runs, the Fed should pause rate hikes

US Federal Reserve United States Jerome Powell Inflation Credit Suisse Interest Rates Silicon Valley Bank America First Republic Goldman Sachs
Federal Reserve Chair Jerome Powell testifies on Capitol Hill, 8 March 2023.
The Federal Reserve chair, Jerome Powell, testifies on Capitol Hill, on 8 March. Photograph: Kevin Lamarque/Reuters

The global financial system is facing a crisis of confidence. Which makes this week’s meeting of America’s central bankers critically important.

None of the 12 members of the Federal Reserve Board’s Open Market Committee were elected to their posts. The vast majority of Americans don’t even know their names, except perhaps for the chairman, Jerome Powell.

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