The Powell of Positive Thinking

Jon Banking, Blogosphere, Economy, Fiscal Policies, Government, Market Commentary, Politics

Jay Powell has been named the next Chairman of the Federal Reserve. Provided he survives the confirmation process, it is a done deal.
This wasn’t the easiest pick for Trump. It’s not easy to find a Republican who is also in favor of low interest rates. Powell isn’t exactly a dove, but he’s significantly more dovish than John Taylor. Or at least he was, up until the complete 180 Taylor pulled after learning he was a candidate for the job.
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Powell is a private equity executive and a lawyer, not an economist – which these days, some might consider to be an asset. The professional economists have delivered on their promise of low inflation, unless you count inflation in things like houses, stocks, and bonds. He’s enough of a hawk that Bernanke at least partially blames him for being on the wrong side of the ‘taper tantrum’ in 2013.

This post was published at Mauldin Economics on NOVEMBER 2, 2017.