U.S. Treasury Secretary Scott Bessent criticized the Federal Reserve for several ethical lapses and policy missteps, which he said have resulted in losses amounting to several billion dollars a year.
Bessent Slams Fed’s ‘Mistimed Asset Purchases’
On Tuesday, Bessent said the Federal Reserve was losing $100 billion a year due to “mistimed asset purchases,” referring to the operating losses linked to bond purchases made during the pandemic and the sharp increase in interest rates that followed, during an interview with CNBC from Davos.
“I think that was a big mistake,” he said, while criticizing several other ethical oversights at the central bank over the past few …Full story available on Benzinga.com
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