The Perverse Incentives of Working at the Fed

In a world of quantitative data and ways of slicing and dicing, they're seemingly just so much variability of mindset and opinion. Do you get a sense of the Fed is viewing things correctly or are they once again behind the able? So yeah, I mean, I think if we take one step back here, like the kinds of people who tend to select for working at the Fed, right, are not the people who tends to select for going to the sell side. But that's kind of a better description of what the Fed economist's job is. If you don't know how the sausage is made, you can end up adopting a lot more theory.

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