IF YOU THOUGHT THE FED IS INDEPENDENT, THINK AGAIN: That’s the view, at least, of Thomas L. Hogan, writing for the American Institute for Economic Research (AIER). He is particularly concerned that having the Fed provide municipal and state government loans is a bad idea.

He notes, among much else, that the $3 trillion Coronavirus Aid, Relief and Economic Assistance Act (CARES) “gives the Fed permission to pursue these facilities, but it does not require the Fed do so. In contrast to previous Chairs [Ben] Bernanke and [Janet] Yellen, who publicly opposed the Fed funding municipal governments and other fiscal policy actions, presiding Chair [Jerome] Powell seems to be an enthusiastic supporter of such programs. However, it is not too late to close these fiscal-policy facilities before causing further harm to the Fed’s reputed independence.”