Ignore The Pundits, The Next Fed Chairman Is Of Little Economic Consequence
As is well-known now, President Trump is conducting a search for the next Federal Reserve Chairman. Naturally this has economists all riled up simply because the Fed employs more of the credentialed than any other entity in the world.
That economists would worship at the altar of what supports their conceit is logical, and can be explained by basic self-interest. What’s less understandable is that Trump’s Fed search has normally right-leaning media all breathy about his choice having some kind of profound economic significance, one way or the other. Apparently the policies of Janet Yellen, a Barack Obama appointee who succeeded George W. Bush appointee Ben Bernanke, engineered economic growth that has “stumbled along at 2%.” Implicit in the latter is that if Trump picks the right central planner, growth will take off. Really?