FED's Hoskins Rips Intervention As 'Economically Myopic' Policy

- By FX Markets Staff
- @FXMarkets_
- 01 Jun 1990

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Federal Reserve Bank of Cleveland president W. Lee Hoskins fired a shot against the Fed's foreign exchange intervention policy, deeming it "economically myopic," and counterproductive to price stability.

Instead, Hoskins and Owen Humpage, an economic advisor at the Cleveland Fed, encourage nations to adopt "monetary constitutions, which focus monetary policy on long-term price stability and recognize market-determined exchange rates."

In a recent economic commentary that summarizes ideas contained

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