The Fed: Welcome to the Fed meeting, the only place in America where the election is not being discussed

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The Federal Reserve can be seen from in between trees on the National Mall

“We do not discuss politics at our meetings, and we do not take politics into account in our decisions” — Federal Reserve Chairwoman Janet Yellen, Sept. 21, 2016

Federal Reserve Chairwoman Janet Yellen’s disavowal of political discussion at the Fed, made during her last press conference, caused a lot of eye-rolling. After all, how can the central bank not discuss the presidential election when absolutely everyone else is?

Actually, the answer is pretty straightforward, according to Gary Stern, the former head of the Minneapolis Fed, who attended the central bank’s closed-door policy meetings from 1980 until 2009.

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