Jay Powell is a better fed chair than bernanke or yellen.
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Anonymous
Because Powell is actually willing to listen to a lot of people in Congress — give them the time of day, fill up his schedule with meetings with them, try to make sure they feel comfortable with what the Fed is doing — that’s kind of why the Fed ended up with a lot of authority under the cares Act,” Extremely high EQ — knows what he doesn’t know, enjoys talking to people and learning. |
Anonymous
LOL thank you for this |
Anonymous
Is it me or does Jay powell remind you of roger sterling from mad men? |
Anonymous
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It's easy to be great when you can put trillions into the economy and never worry about inflation.
Bernanke, Yellen, and Powell are all OK, but like I said it's not hard to flood the economy with money. Greenspan opined on a lot of things that turned out to be wrong, and one of them was fundamental to the job: the idea that markets self-regulate. Volker was the real deal. He had to crush inflation during high unemployment. The rest of these guys are just praying they never run into that situation, ever. |
Anonymous
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Powell is doing a fine job, but I think this thread gives him too much credit and the rest of the board too little credit. The Fed under Bernanke and Yellen didn't accommodate as extensively as it has under Powell because there wasn't anything close to a consensus within the profession that such actions could be taken without spurring serious inflation. The profession has learned from the events of 2008 and the recovery, and now a new consensus has formed that inflation is much less responsive to changes in unemployment than previously thought.
The big shifts in Fed policy over the last decade with respect to inflation targeting weren't invented by the chairs, they came out of the academic literature and were adopted by the board once there was a reasonable consensus within the profession. |
Anonymous
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Bumping to give my guy his flowers.
The most powerful man in town since 2018. If Biden doesn’t te-nominate due to woke pressures, he’s confirming that he’ll be a one term president |
Anonymous
This. What Bernanke and Yellen did shifted the Overton window. They couldn't do more because the window was smaller. |
Anonymous
What would be wrong with Lael Brainard? She would be an amazing pick, and her policy would be very mainstream. Not woke, whatever that means. |
Anonymous
She will be Vice Chair of Supervision, once Quarles’s Vice Chair term ends this fall. She won’t be Chair. |
Anonymous
Trust me, she is woke |
Anonymous
Do you have any evidence or are you just one of those Republicans that uses woke as a synonym for Democrat? |
Anonymous
Why should Lael Brainard take vice chair for supervision? Vice chair of the Board (more generally) is more prestigious, especially for an economist like her. The term as governor for the current occupant, Richard Clarida, ends in January, so vice chair for the Board opens soon. Agree it woulld take an awful lot to dislodge Powell as chair, although Brainard is well-qualified. |
Anonymous
LOL |
Anonymous
What is ‘woke’? Honestly… |
Anonymous
Brainard is not a monetary economist, she’s a foreign aid/trade economist. The Vice Chair is usually a monetary expert and needs to counterweight the President of FRBNY in the FOMC meetings. Especially when you have Powell, who is a lawyer & ex-banker. |