"Fed's Core Mission Now Includes Climate Change"

"The Fed, ECB, Bank of England, and Bank of Japan have now embraced climate change as part of their mission.

It's bad enough that central bankers are clueless about inflation.

They now want their hands in another thing they do not understand and cannot control even if they did...

Lael Brainard, Chair of the Fed's Committee on Financial Stability, says Climate Change Matters for Monetary Policy and Financial Stability.

So how does climate change fit into the work of the Federal Reserve? To support a strong economy and a stable financial system, the Federal Reserve needs to analyze and adapt to important changes to the economy and financial system. This is no less true for climate change than it was for globalization or the information technology revolution.

To fulfill our core responsibilities, it will be important for the Federal Reserve to study the implications of climate change for the economy and the financial system and to adapt our work accordingly."