Who’s in Charge Here?

The Week Ahead

November 6, 2017

Google will be flooded by those searching “Jerome Powell” now that his nomination for Fed Chair has been unveiled. Powell fits the bill as a Republican who has not dissented from Yellen’s gradualist approach, and no President really wants a hawk as his central bank’s chieftain.

But for two reasons, it’s hazardous to assume that Powell’s voice will be as decisive as Yellen’s or Bernanke’s in terms of the decisions reached by the FOMC. It might be as important to Google the names “Brian Madigan” and “Thomas Laubach”.

Read More…