Conservatives torched the Associated Press for lauding diverse leadership at the Federal Reserve as the economy suffers.
The outlet published an article — “Fed tackles inflation with its most diverse leadership ever” — following the central bank’s annual summit in Jackson Hole, Wyoming, at which Federal Reserve Chair Jerome Powell doubled down on policymakers’ commitment to battle runaway inflation. Among other changes, three women and three African-Americans have recently joined the 19-member committee responsible for determining interest rate policies.
“There are more female, Black and openly gay officials contributing to the central bank’s interest-rate decisions than at any time in its 109-year history,” the AP reported. “Many are also far less wealthy than the officials they have replaced. Over time, economists say, a wider range of voices will deepen the Fed’s perspective as it weighs the consequences of raising or lowering rates. It may also help diversify a profession that historically hasn’t been seen as particularly welcoming to women and minorities.”
Meanwhile, the United States met the rule-of-thumb definition of a recession — two consecutive quarters of negative growth — last month as the economy shrank at a 1.5% annualized rate in the first quarter and contracted at a 0.6% pace in the second quarter. Read more…