Unhedged Who wants to be a Fed chair?
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Jun 24, 2025 The podcast dives into the surprisingly coveted role of Fed chair amid Trump's biting remarks about Jay Powell. It humorously examines potential contenders and the tension between presidential influence and Fed autonomy. The discussion also navigates the complexities of inflation and employment, alongside amusing tales of restaurant inflation and community gardening. From critiquing the airline industry's volatility to lighthearted banter about the heat in New York, the conversation is both insightful and entertaining.
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Powell's Independence Amid Criticism
- Trump criticizes Fed chair Jay Powell, but Powell's calm under pressure reinforces the Fed's independence.
- Powell's steady communication style undermines presidential attacks rather than the Fed's authority.
Power and Prestige of Fed Chair
- The Fed chair job is immensely powerful and historically glorified.
- Successful chairs like Paul Volcker become heroes of economic history for their impactful leadership.
Fed's Dual Mandate Challenge
- The Fed balances two mandates: controlling inflation and supporting employment, often improvising to manage trade-offs.
- Despite progress, inflation isn’t yet at target, so the Fed can afford to wait before cutting rates.