UBS On-Air: Paul Donovan Daily Audio 'Philosophy, policy, and economics'

One problem with having non-economists run central banks is that markets do not know where to look for the economic philosophy of policy. Neither Federal Reserve Chair Powell nor ECB President Lagarde has given a clear explanation of how they think rate increases will act on inflation. Fed vice-Chair Brainard (who is an economist) made two useful points on US policy which offer guidance.