Excerpts from recent editorials in the United States and abroad: Dec. 14 The Washington Post on the Federal Reserve The Federal Reserve’s greatest resource is its credibility. People have to believe the central bank will get inflation under control — or else inflationary psychology becomes entrenched and causes years of pain. Likewise, people need to trust that Fed leaders will prioritize what’s best for the nation over any personal gain — otherwise the central bank won’t survive. This year has tested both aspects of Fed credibility. On inflation, there were early mistakes, but the central bank has largely restored trust that it will get the job done. It’s a different story on the ethics side: Top Fed officials took a series of questionable actions, and the central bank’s leadership has not satisfactorily reckoned with the increasingly glaring problem. In fact, Congress might have to force change; a bipartisan bill — the Financial Regulators Transparency Act — would help make...
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