The Fed: Central banks ‘have never been on thinner ice’

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From left, Bank of England Gov. Mark Carney, Fed Chairwoman Janet Yellen, European Central Bank President Mario Draghi and U.S. Treasury Secretary Jacob Lew on May 20, 2016.

The global financial elite has soured on global central bank policy, believing that it’s now counterproductive, doing more harm than good.

That was the message on the sidelines of the International Monetary Fund’s annual meeting in Washington, where in informal survey of more than 100 bankers found more than 70% saying monetary policy is now part of the problem instead of a solution.

“The biggest problem that monetary policy makers face is…they’ve never been more powerful and more prestigious,” said Paul Tucker, a former Bank of England official now at Harvard University.

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