Is the New York Fed Really Smart?

I think these are generally smart peoplete accomplished people. Is not so easy to be invited on the fat board, and they generally try to do the best they can. The idea that they somehow like corrupt or incompetent is completely unsubstantiated. I could be wrong, but it's very, very hard for me to imagine anything substantial changed in terms of policy directive. If anything, i would make a argument that we dodge the inflation bullet...i was worried about inflation in two thousand 20, but i'm not any more.