US Republican presidential candidate Ron DeSantis attacked Federal Reserve monetary policy, suggesting he would replace chair Jerome Powell.

“We need to rein in the Federal Reserve,” DeSantis said in a July 31 economic policy speech in New Hampshire. He accused the central bank of “indulging in social justice or social engineering”, and blamed the Fed’s mismanagement for higher policy rates that make homeownership less affordable. DeSantis said the Fed has “one job, maintain stable prices, and