The Power of a Great Team Versus Being an Independent Leader

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There was a lot of concern when donald trump became president among people who care about fed autonomy or independence. And so powell puts his team around him, perhaps with that recognition that this was not going to be some easy rodio. He has a columbia university economist named richard clarida who becomes the vice chair. With his team in place, that perhaps made it easier to kind o go into this storm that happened with the president of the united states becoming very critical of what the fed was doing.

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 Download my interview notes in PDF format (free membership required). Related Episodes How to Listen When Someone Is Venting, with Mark Goulston (episode 91) How to Handle a Boss Who’s a Jerk, with Tom Henschel (episode 164) The Way Out of Major Conflict, with Amanda Ripley (episode 529) Discover More Activate your free membership for full access to the entire library of interviews since 2011, searchable by topic.