Wall Street Week Dudley on Powell, Saudi Arabia Tourism, Megapass Skiing
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Jan 16, 2026 Bill Dudley, former president of the Federal Reserve Bank of New York, shares insights on the potential implications of the Justice Department's investigation of Fed Chair Jay Powell. He discusses the evolving dynamics of Fed independence amidst political pressures. Jumana Brasechi provides an on-the-ground look at Saudi Arabia's ambitious Vision 2030 tourism project, highlighting targets for millions of visitors and the societal changes accompanying this transformation. The conversation also touches on how skiing megapasses have redefined consumer choices and capital investments in the industry.
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Subpoena Threatens Fed Independence
- The DOJ subpoena against Jay Powell risks undermining Fed independence and complicating monetary decisions.
- Bill Dudley warns political pressure can make the Fed less able to cut rates when appropriate.
Protect Central Bank Appointments
- Avoid politicizing central bank appointments because it undermines confidence and effective policy.
- Keep Fed leadership independent so monetary policy reflects economic data, not political pressure.
Chair Credibility Beats Title
- The Fed chair has influence but only one vote, so credibility matters more than title alone.
- Dudley notes controlling the Board of Governors matters more for policy than any single chair.
