Lael Brainard

Well, it will, I think, remain to be seen.

It will hinge on whether or not the Supreme Court strengthens the independence of the Federal Reserve by making clear that the for-cause protection that Congress put

into the statute in 1935 is really observed or whether it turns out the president can fire a governor at will, in which case I think the independence of the Federal Reserve will be fundamentally compromised.

Well, look, I think what Justice Kavanaugh got to in his questioning, which is if a governor can be fired without any hearing, without any due process, without any real establishment of for cause, it really fundamentally means that the American economy is

can be in for higher inflation, less credibility on the part of the central bank, because that is what central bank independence is so important.

Well, look, I think what Justice Kavanaugh got to in his questioning, which is if a governor can be fired without any hearing, without any due process, without any real establishment of for cause, it really fundamentally means that the American economy continues

can be in for higher inflation, less credibility on the part of the central bank, because that is what central bank independence is so important.

Well, look, I think what Justice Kavanaugh got to in his questioning, which is if a governor can be fired without any hearing, without any due process, without any real establishment of for cause, it really fundamentally means that the American economy is

can be in for higher inflation, less credibility on the part of the central bank, because that is what central bank independence is so important.

I think the Federal Reserve is in an incredibly difficult position here.

But you have to remember, this is not about an individual governor.

This is really an unprecedented attack on the independence of the Federal Reserve as an institution.