Friedman: Monetary Policy Is Reactive to Politics

The transcript discusses the influence of fiscal and political factors on monetary policy, questioning the independence of central banks. It highlights the global impact of US monetary policy, especially in relation to Brazil and China. The term 'dead meeting' is explained in the context of the Bank of England, emphasizing the importance of consensus in rate decisions and their political implications, particularly concerning Brexit. The discussion also covers the magnitude of rate changes in the US, contrasting past and present practices.

What does the term 'dead meeting' imply in the context of the Bank of England's discussions?

In what ways has the approach to raising rates changed in the United States over time?