Bridgewater Slams Financial Times: Calls Claim Fed Will Take Cue From BoE on Reform Tabloid Nonsense

On March 27, the UK’s Financial Times reported that U.S. Treasury Secretary Janet Yellen discussed with market participants a proposal to boost Treasury oversight of the Federal Reserve by drawing on aspects of the Bank of England’s model—a step that could upend the Fed’s relationship with the U.S. government. Separately, former President Donald Trump has launched an unprecedented attack on the world’s most influential central bank. Yellen slammed the report in response: “This is a completely false report. The Financial Times has devolved into a gossip sheet for market participants. Despite my public, explicit denial of ever advocating, discussing, or supporting using the Chancellor of the Exchequer-Bank of England dynamic as a blueprint for the Treasury-Fed relationship, FT reporters published a fabricated article headlined ‘Yellen praises Bank of England as model for stronger Fed oversight.’ These reporters clearly fabricated the story to create the impression that I and the Trump administration are pursuing ‘restructuring this relationship…’ while former President Trump has mounted an unprecedented attack on the world’s most influential central bank. In short, the FT has fabricated a false policy position for me and this administration. Beyond pushing that malicious, inaccurate ‘institutional imbalance and confrontation’ narrative, it’s truly unclear why they would harm their already damaged credibility.”