Title : The Politcal Page, T+255 -- October 2, 2017
link : The Politcal Page, T+255 -- October 2, 2017
The Politcal Page, T+255 -- October 2, 2017
Trump's "favorite" for the "next" "Fed" chairperson? According to CNBC, it is not Janet Yellen. Kevin Warsh has moved out in front. For me, this was a bit confusing, to say the least, on several levels.Kevin Warsh, the favorite to be the next chairman of the U.S. Federal Reserve, apparently believes the central bank has become a servant to the stock market after years of loose monetary policy.
Uber-bear Albert Edwards, an economist at Societe Generale's strategy team, said Monday that after listening to Warsh speak at a banking conference last week, he would be his choice to lead the Fed. He also revealed Warsh felt the Fed had been captured by the "secular stagnation" ideas of former U.S. Treasury Secretary Larry Summers and had become persuaded by the idea that more monetary stimulus is needed.If I'm interpreting that correctly, it is the "Fed" that has become persuaded by the idea that more monetary stimulus is needed, apparently something that "uber-bear Edwards and Warsh are against.
In addition, Warsh is seen as more hawkish than Janet Yellen, suggesting that rates would go higher faster under Warsh than under Yellen. The dollar would likely strengthen, all things being equal, something Trump does not want.
Clear as mud. As usual.
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