The Last Fed Chairman?
Monday January 29, 2018
Last week the Senate confirmed Jerome Powell as Federal Reserve Chairman by a vote of 84-13. This is in contrast to the contentious debates and closer votes over Janet Yellen’s confirmation in 2014 and Ben Bernanke’s confirmation for a second term in 2010. Powell benefited from a perception that the economy’s recovery from the 2007-08 meltdown proves that the Fed is a capable manager of monetary policy. However, the perceptions of economic recovery and Federal Reserve competence are both far from the truth.