Since when is marginal pricing power a fringe theory? It’s been well known for over a century that a (near) monopoly supplier has pricing power. Heck our entir

Since when is marginal pricing power a fringe theory? It’s been well known for over a century that a (near) monopoly supplier has pricing power. Heck our entire payment system rests on it. Central banks that issue a floating currency rest their monetary policy implementation on being the monopoly supplier of reserves and thus able to set the price of money along the yield curve. Marginal pricing power is why their interventions usually don’t even have to be very large at all despite the overall huge size of the currency markets.