Central Bank Independence is No Cover for Central Bank Incompetence

Guest post by Jonathan Rochford, CFA Portfolio Manager Narrow Road Capital Pty Ltd The wave of criticism of central bankers hasn’t let up in October with a Barron’s article arguing that central bankers are the truly scary clowns. Politicians have joined in the criticism with Theresa May and Donald Trump calling out the negative impacts of current monetary policy. What has changed is there is something of a fight back based on the concept of central bank independence. I’m a strong supporter of central bank independence, but a strong critic of central bank incompetence. Central bankers that ignore the obvious evidence of asset…