{"id":447981,"date":"2026-02-04T06:08:12","date_gmt":"2026-02-04T06:08:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/447981\/"},"modified":"2026-02-04T06:08:12","modified_gmt":"2026-02-04T06:08:12","slug":"the-fed-should-stay-in-its-lane","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/447981\/","title":{"rendered":"The Fed Should Stay in Its Lane"},"content":{"rendered":"

In September 2022, about a year after Joseph Wang left his job at the Federal Reserve Bank of New York, he came across an odd new research paper from his former employer. Wang had been a senior trader on the Open Market Trading Desk, carrying out the Fed\u2019s monetary policy. In his five years there, the usual Fed research covered topics like inflation, labor markets, and bank capital. This paper, though, was titled \u201c800,000 Years of Climate Risk.\u201d<\/p>\n

\u201cI thought that was very strange,\u201d Wang recalled. \u201cThe Fed writing about CO2 concentrations.\u201d<\/p>\n

Wang wasn\u2019t the only one to notice what looked like mission creep at the Fed. Just before Thanksgiving in 2021, a tweet<\/a> from the St. Louis Fed suggested replacing Thanksgiving turkey with \u201ca soybean-based dinner.\u201d The post drew thousands of replies, many of them demanding that the Fed get back in its lane.<\/p>\n","protected":false},"excerpt":{"rendered":"In September 2022, about a year after Joseph Wang left his job at the Federal Reserve Bank of…\n","protected":false},"author":2,"featured_media":447982,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":{"0":"post-447981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/447981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=447981"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/447981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/447982"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=447981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=447981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=447981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}