BlockBeats News, March 27, the UK’s Financial Times previously reported that US Treasury Secretary Yellen had discussed with market participants the idea of strengthening the Treasury’s oversight of the Federal Reserve by drawing on elements of the Bank of England model, a move that would disrupt the relationship between the Fed and the government. Currently, Trump has launched an unprecedented attack on the world’s most important central bank.
In response to this news, Yellen blasted the Financial Times, stating: “A completely false report, the FT has completely degraded into a gossip tabloid for market participants. Despite my public and explicit denial of ever advocating, discussing, or supporting using the Chancellor of the Exchequer-Bank of England relationship as a blueprint for the Treasury-Fed relationship, FT reporters still concocted an article titled ‘Yellen praises Bank of England as a model for strengthening Fed oversight.’ These pathetic reporters clearly fabricated a story, intending to give the impression that I and the Trump administration are working on ‘restructuring this relationship… while President Trump has launched an unprecedented attack on the world’s most important central bank.’ In short, FT has completely fabricated a false policy position for me and this administration. Apart from further promoting that malicious, erroneous ‘institutional imbalance, confrontation’ narrative, it is truly puzzling why they would damage their already tarnished news credibility.”
