Federal Reserve Chair Janet Yellen did a masterful job navigating the political shoals of the Joint Economic Committee yesterday. She told liberal Vermont Sen. Bernie Sanders (I-VT) that she shared his concern about the Koch brothers and inequality, and conservative Indiana Sen. Dan Coats (R-IN) that Congress needed to act soon to reduce long-term budget deficits.
But her testimony, and the discussion that followed it, raised a host of serious questions about the role of the Federal Reserve in this sluggish economy.
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