The next Fed chair

Although the betting markets favor Powell, I’m at the point where I think the Biden people are more likely to throw him overboard for Brainard and blame him for the inflation; if they opt for reappointment, it feels like they have to “own” the inflation  I favor Powell because I think he is less likely to institute a disastrous version of the “central bank digital currency” idea, and because he is better at dealing with Congress and generating support for Fed policies.  He might also be better at allowing crypto innovation to proceed, although that is just a guess, not based on solid information.

p.s. The word is that it will be Powell!

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