Fed officials are increasingly warning that climate change could damage the economy
Federal Reserve officials are signaling fresh concerns about the dangers that extreme weather poses to the economy and to the financial system.That hesitancy is potentially fueled by deeply partisan debates around the issue in Washington. As the effects of climate change grow increasingly evident across the world, Federal Reserve officials are signaling fresh concerns about the dangers that extreme weather poses to the economy and to the financial system.
"We're seeing a frequency and intensity of weather events…that they are starting to be more than tail events," Robert Kaplan, the president of the Federal Reserve Bank of Dallas, said at an American Economic Association conference in San Diego this weekend."They're starting to affect economic outcomes."to directly incorporate climate change into monetary policymaking, potentially because of the deeply partisan debates around the issue in Washington.
Federal Reserve Chairman Jay Powell has acknowledged the imminent risks of climate change and that humans contribute to it. He has alsohow much of a priority it should be for the central bank, drawing praise from conservatives. "Credit to Fed Chairman Jay Powell for telling Congress that climate stability isn't part of its mandate," the Wall Street Journal editorial board
."This matters because other central bankers have been all too happy to join the climate-change virtue parade."
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