Fed Chair Pick Coming Up Soon
Please consider Biden Pick for Fed Chair Expected Soon
U.S. Treasury Secretary Janet Yellen said President Joe Biden should pick an "experienced and credible" person as Federal Reserve chair to reassure markets, and while current chair Jerome Powell fit the bill, others would too.
Asked whether market concerns should factor into Biden's decision, Yellen said Biden should pick someone seen as a credible and capable policymaker.
"I think Powell has acquired that reputation, but there are other candidates too, who I think would be similarly perceived," she said aboard a government plane en route to Dublin after Group of 20 meetings in Rome.
"If the markets are upset because they think the person isn't credible, then that's a person who shouldn't be appointed. The president should appoint someone who is experienced and credible."
Democratic Senator Sherrod Brown last week said Biden would probably advance a "whole slate" of nominees to the Fed Board, which may or may not include Powell, and ensure a greater emphasis on workers.
Wizard of Oz Scripts
Let's compare the above discussion to Wizard of Oz Scripts.
Dorothy: Follow the Yellow Brick Road? Follow the Yellow Brick...? Well, now which way do we go?
Scarecrow: Pardon me. That way is a very nice way.
Dorothy: Who said that?......Don't be silly, Toto. Scarecrows don't talk.
Scarecrow: It's pleasant down that way, too.
Dorothy: That's funny. Wasn't he pointing the other way?
Scarecrow: Of course, people do go both ways!
Dorothy: Why - you did say something. didn't you? Are you doing that on purpose, or can't you make up your mind?
Scarecrow: That's the trouble. I can't make up my mind. I haven't got a brain, only straw.
Dorothy: Well, how can you talk if you haven't got a brain?
Scarecrow: I don't know. But some people without brains do an awful lot of talking, don't they?
On a More Serious Note
Sen. Warren calls Fed Chair Powell a ‘Dangerous Man,’ says she will oppose his renomination.
Progressives are pushing hard for anyone they think will further politicize the Fed to their way of thinking, especially on climate change and regulation.
Yellen is supportive in that effort by her refusal to say anything.
I don't like Powell, but Warren's pick of uber-dove Fed Governor Lael Brainard rates to be worse.
Thanks for Tuning In!
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