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Friday, June 15, 2018

The People's Fed Chair

Ever since his confirmation hearings, Fed Chair Jay Powell has struck me as an ordinary, plainspoken person. This week I was reminded of this trait at his FOMC press conference and tweeted this statement:


This impression is consistent with reports from last year when he was being considered for Fed chair:
[F]riends and former colleagues of Powell's describe him as “annoyingly normal.” He lives in Chevy Chase, Md., and often rides his bike about eight miles from home to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Fed. He doesn't drink much, plays golf and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 guitar, and has an odd ability to repeat people's sentences backward to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m, a quirk former colleagues say is a reminder of his smarts — and how closely he listens.
I bring this up because Jeanna Smialek of Bloomberg has a new article that nicely captures this feature of Jay Powell. The title of her piece is Powell Styles Himself a Fed Chairman for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 People. Here are some excerpts:
Alan Greenspan famously said he’d mastered cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 art of mumbling “with great incoherence” as Federal Reserve chairman. Jerome Powell is attempting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 opposite approach. 
“Because monetary policy affects everyone, I want to start with a plain English summary of how cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 economy is doing, what my colleagues and I at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Federal Reserve are trying to do and why,” Powell, who took cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 helm at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 U.S. central bank in February, said at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 outset of his June post-meeting press conference on Wednesday. 
[...] 
He’s a non-economist who uses concise, simple terms -- growth is “great” and “cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re’s a lot to like” about low unemployment. He downplays cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 importance of modeled relationships and emphasizes cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 data in hand. He’s adding more press conferences, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Federal Open Market Committee has already shortened its post-meeting statement under his watch.
It is a great article, read cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 whole thing. To be fair, though, previous Fed chairs would also consider cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365mselves cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 people's Fed chair. But I do think Jay Powell brings a unique tool set to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Fed in terms of his interpersonal communication skills. I suspect cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se "soft" skills will prove very valuable going forward, especially as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Fed continues to navigate cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 politics of normalizing monetary policy. 

P.S. If Jay Powell wants to step up his 'Fed chairman for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 people' game, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365n he might consider optimal monetary policy for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 masses.

Update: Tate Lacey makes a similar point

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