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A Word About Tapering and Who the Fed is In Bed With

Let's discuss the relationship between tapering, Janet Yellen, Jerome Powell, and president Biden.
Author:
Fed's Balance Sheet 2021-07-18

Tapering

At long last the world presumes the Fed will finally taper.

Hike After Tapering Complete? 

How long will that take?

What About Fed Chair Jerome Powell?

Hey, thanks for asking.

What's the Troika?

My comment regarding the Troika pertains to a comment made by former Fed Chair Ben Bernanke.

He once stated the only three opinions that mattered were those of the Fed Chair, the Vice-Chair, and the President of the New York Fed.

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Currently that would be Jerome Powell, Richard Clarida, and John Williams, respectively.

New Troika

Given there is no independent Fed and Powell may be replaced if he does not go along with Biden Administration wishes, it is more realistic to think of the Troika as Powell, Treasury Secretary and former Fed Chair Janet Yellen, and President Biden.

"Powell will either hop into bed with Biden and Yellen or he will be replaced."

Progressives right now are putting pressure on Biden to replace Powell with someone more to their liking.

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