The federal reserve is really a bank for banks. It was created a hundred nine years ago because the country had been through several financial panics. The board has a chair, which to day, of course, is j powell. And then the board and the erve bank presidents have what's called the federal open market committee. That is the rate senting committee.
Nick Timiraos: Trillion Dollar Triage
Nick Timiraos has been the chief economics correspondent at The Wall Street Journal since 2017, where he is responsible for covering the Federal Reserve and other major developments in U.S. economic policy. He joined the Journal in 2006 and previously covered the 2008 presidential election.
He wrote about U.S. housing markets and the mortgage industry as a reporter based in New York. His coverage included the government’s response to the foreclosure crisis and the takeover of finance companies Fannie Mae and Freddie Mac. Nick is the author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic -- and Prevented Economic Disaster*.
Key Points
Some of Federal Reserve Chair Jerome “Jay” Powell’s core skills have helped him navigate difficult stakeholders:
He’s highly regarded as a good listener with excellent emotional intelligence.
He’s intentional about creating strong teams and espoused the value of teamwork regularly.
He is mindful of daily events, but is always playing the long game.
He speaks in plain language that makes sense to many people, regardless of their education level.
Specifically, four unwritten rules of dealing with a difficult stakeholder like Donald Trump emerged in Nick’s analysis of Jay Powell’s public appearances:
Don’t talk about Trump.
When provoked, don’t return fire.
Stick to the economy, not politics.
Develop allies outside the Oval Office.
Resources Mentioned
Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic -- and Prevented Economic Disaster* by Nick Timiraos
Nick Timiraos website
Interview Notes
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