Skip to main content

It’s always nice to hear that one’s job is safe “at the present time” and that the man who gave it to you is currently making “no effort” to change that, even though he (and he alone) believes he totally could. Whether he was six months ago notwithstanding, Larry Kudlow assures Jay Powell that he’s not going anywhere, which—given Kudlow’s status as a counter-indicator and the administration’s steadfastness in decisions taken—cannot be very reassuring.

Especially not given Powell’s recent combativeness combined with rumblings of disapproval from Capitol Hill, all of which seem to be positively daring to make “Jay Powell is safe” as short-lived as “fuck it, just print the damned things without the citizenship question.”

“It would be a very bad idea,” said Sen. Pat Toomey (R., Pa.). “The chairman has done an outstanding job.”/“Donald Trump is too smart to do something like that,” said Sen. John Kennedy (R., La.). “I’ve got a lot of confidence in Powell, and he’s done a damn good job.”/“I think the Senate, even the Republican Senate, would not be quiet about that,” said Sen. Richard Shelby (R., Ala.). “The Federal Reserve—this is important—was set up to be independent as much as you can from politics. I would hope no one would really try to politicize the Fed.”

And I would hope that those senators might actually stand up to the president, but I think we all know the ship has sailed on that, too.

Fed Chair Powell’s job is safe ‘at the present time,’ Larry Kudlow says [CNBC]
Fed Chairman Jerome Powell’s Approach to Interest-Rate Policy Wins Bipartisan Backing [WSJ]


Jay Powell

Jay Powell Failing At Fed Chairing, Excelling At Fedspeak

He made one decision, and that was to say less.

Larry Kudlow Returns

Larry Kudlow Will Not Discuss The Probably Illegal Things His Boss Was Considering Six Months Ago

There are so many more recent examples that he just can’t keep up.

Jay Powell

Jay Powell Coins A Fedspeak Neologism

Among central bankers, “powerful” will now be used to connote howling, helpless impotence.

Jay Powell

Experts: Jay Powell’s Giving Off An Alan Greenspan-y Vibe

That’s not the compliment it once would have been.

Jay Powell

Jay Powell Is Making It Up As He Goes Along

This is a less reassuring statement than he probably thinks.


Jay Powell Getting Better At Saying Nothing

His Fedspeak isn’t quite fluent yet, but he’s getting there.