Reply to Jay Powell is a better fed chair than bernanke or yellen.

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[quote=Anonymous][quote]“ But the Fed also owes much of its current success to the fact that it is led by Powell — who is not an economist, unlike his three immediate predecessors, but a bureaucratic operator skilled at making friends and forging consensus. In the popular imagination, the Fed is a nonpolitical entity, almost godlike in its distance from electoral pressures. But, as at the Supreme Court, that is just a cover for a slightly different, more personal form of politics. At the same time the president was slamming him on Twitter, Powell was diligently building relationships in Congress, winning over skeptical stakeholders to his right and left, and building the political support he would need for an extraordinary crisis response when the pandemic hit.”[/quote]

This is the benefit of a non-PhD economist as fed chair:

[quote]“While running the Fed requires extensive expertise in monetary economics, it doesn’t really require being a monetary economist. If you are diligent, you can learn the material you need. So when Powell got to the board, he set about learning everything he needed to know about monetary policy, drawing on the Fed’s staff of over 400 economists. He read extensively and didn’t give his first public speech until eight months after he took his seat on the board.”[/quote]

Some sections at cia prefer hiring analysts who are not phds for this reason.

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