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Since the days of Alan Greenspan, the US Federal Reserve has taken the view that it should meet its responsibilities by leaving interest rates low and worrying about the inevitable assets bubbles later. In her column today, Rana Foroohar writes that this strategy may be coming to an end, with Jay Powell, the current US central bank chief, admitting that the exclusive focus on inflation as an indicator of when to act has become inadequate.

In her piece, Rana argues that the Fed should care about the financial markets. “Markets are now the tail that wags the dog,” she observes. So monetary policy needs a fresh approach: if you are looking for signs of overheating, how about the run-up in debt, always the biggest predictor of market trouble, or for proof of a crazy asset bubble, just take a walk around Brooklyn — her own neighbourhood — and check out the house prices.

Cross-border financial crime cannot be defeated with domestic tools, according to Tom Keatinge of the Royal United Services Institute. Ill-gotten gains are placed too easily beyond the reach of law-enforcement, he argues, because individual countries resist attempts at international co-operation.

Immigration is vital to boost global growth, writes Ian Goldin, professor of globalisation and development at Oxford. He outlines his new research with Citigroup on the positive impact of migrants and the negative attitudes of host populations.

Brazil’s museum fire is a tragedy for science writes Johannes Vogel, professor of biodiversity and public science and director-general of Berlin’s natural history museum. He mourns the inferno’s destruction of vital specimens and laments the under-funding of natural science worldwide.

The high price of Syria’s next disaster: The FT’s editorial board warns of the carnage that could occur in Idlib province where Bashar al-Assad has been gathering his army outside the last rebel enclave.

What you’ve been saying

Comment from Bob, Freelancer on Entryism is part of Britain's realignment by Matthew Goodwin

“A PR [proportional representation] system would allow a more diverse set of parties to flourish — which would in turn allow voters to support a party that most closely represents their views. That — in turn — would make entryism pointless.”

Comment from aattvv on Nike picks a side in America’s culture war by Andrew Edgecliffe-Johnson

“To me, the blatant corporatisation and monetisation of legitimate and deadly serious protest movements just feels icky.”

Comment from Speculator on Emerging Markets: Argentina creaks under extreme stress.

“Yes the Kirchners did not resolve Argentina’s issues but neither did the liberalization of the 1990s and recent caving in to aggressive international investors via denomination of debt in dollars and following orthodox policy by Macri. First there has to be a credible deal by Elite in Latin America to build physical and social infrastructure for lower middle classes and poor. Only then can a sound and sustainable policy framework be created.”

Today’s opinion

The FT View: Artificial intelligence must avoid a backlash
Governments and scientists need to co-operate to educate the public

Immigration is vital to boost economic growth
Research suggests migrants account for two-thirds of US GDP expansion since 2011

Why the US Federal Reserve should care about finance
A fresh approach to monetary policy should look at markets for signs of overheating

Brazil’s museum inferno is a tragedy for global science
The loss is felt by teams across the world studying and protecting biodiversity

The FT View: The high price of Syria’s next disaster
A Russian-backed offensive on Idlib will provoke a bloodbath or spark an exodus

Ducking a farewell speech is the worst parting shot
Office goodbyes can be disastrous, but the best are a joy

The Big Read: Private equity: inside the fall of Abraaj
Once a trailblazer for emerging market investment, the group is now being picked over by liquidators

Entryism is part of Britain’s political realignment
Pro-Brexit social conservatives are joining the Tories in the hope of choosing its next leader

FT View

The FT View: Artificial intelligence must avoid a backlash
Governments and scientists need to co-operate to educate the public

The FT View: The high price of Syria’s next disaster
A Russian-backed offensive on Idlib will provoke a bloodbath or spark an exodus

The Big Read

The Big Read: Private equity: inside the fall of Abraaj
Once a trailblazer for emerging market investment, the group is now being picked over by liquidators

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