The Powers That Be: Daily Better Off Fed
Jan 30, 2026
Bill Cohan, author and Wall Street commentator, offers an insider’s look at Jerome Powell’s final days and who might replace him. He also dives into the Paramount–Warner/Netflix takeover battle, explaining bidding strategies, Larry Ellison’s role, and how valuation and regulatory risks shape the fight. Short, sharp, and full of deal-making drama.
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Fed Independence Remains A Core Guardrail
- Jerome Powell emphasized the Federal Reserve's independence repeatedly during his likely final press conference as chair.
- Bill Cohan argues political pressure won't easily capture the Fed because markets and institution culture prize independence.
Politics Versus Monetary Responsibility
- Bill Cohan notes Trump initially appointed Powell yet now criticizes him for not cutting rates to satisfy political aims.
- Cohan believes a president's desire for low rates clashes with Fed responsibility and broad market incentives for independence.
Factor Institutional Checks Into Fed Predictions
- Expect the Fed board's structure and voting majority to blunt any single president's attempt to force policy changes.
- Investors and observers should factor institutional checks into forecasts rather than assuming presidential control of the Fed.
