Jerome Powell’s Price-Fix Is In

Every dog of a bad policy idea has its day, but bad monetary-policy ideas seem to get more than one. The latest idea whose time has come and gone and come again is yield-curve control, which is shaping up to be one of the Federal Reserve’s next party tricks.

This tool would involve the Fed setting interest rates by diktat for the first time in 70 years, and Governors are warming to the idea. The Open Market Committee may discuss the policy at its meeting Tuesday, and Chairman Jerome Powell said at his June press conference…

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