And they are unlikely to look kindly on monetary authorities unless they decidedly and unambiguously chart their own independent paths. The Federal Reserve should not – and will not – compromise another kind of stability – price stability – to help achieve other government policy objectives.
4  BIS Review 75/2009  On balance, I would not be surprised if these countervailing forces – unprecedented public support and underwhelming private demand – fight to a draw by the fourth quarter. But the scale of stimulus and the recent blow to the real economy are both lacking precedent, so predicting the victor is tough business.