Bernet: The Federal Reserve needs to be subject to a comprehensive review as an institution.

U.S. Treasury Secretary Mnuchin said on Monday that the Federal Reserve as an institution needs to undergo a comprehensive review and evaluate whether it is operating successfully. Mnuchin refused to comment on a report that he had advised President Trump not to dismiss Fed Chairman Powell during an interview, stating that it would be up to the president to decide. However, he did suggest that the Fed should be subject to scrutiny and criticized it for "creating panic" on tariff issues, while pointing out that there has been almost no inflation impact so far.