The writer is former vice-chair of the Federal Reserve and global economic adviser at Pimco
How the US Federal Reserve is — and should be — thinking about tariffs and monetary policy is a topic on many minds these days, from market participants to political pundits.
I served on the Fed as vice-chair in 2018-19 when tariffs, trade wars and trade policy uncertainty were also in the news during Donald Trump’s first presidential term. As transcripts of meetings of the policy-setting Federal Open Market Committee held during these years show, such factors were analysed in staff briefings presented at Fed meetings at that time.
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