JPMorgan's Feroli Finds Trump's Fed Future Unclear

The transcript discusses President Trump's potential influence on the Federal Reserve, highlighting uncertainties in his monetary policy preferences. It covers upcoming board vacancies, including roles focused on bank regulation and community banking. The discussion also touches on the Dodd-Frank Act and the Fed's regulatory discretion. Speculation about the Fed's future includes potential changes in transparency and policy rules. Finally, expectations for Janet Yellen's testimony before Congress are explored, with a focus on interest rate hikes and market reactions.

What is unclear about President Trump's stance on monetary policy?

• He has a clear preference for a specific type of person at the Fed.

• He wants high interest rates.

• He wants to eliminate the Federal Reserve.

• He has expressed both support for low interest rates and criticism of Yellen's policies.

What role has been open since the Dodd-Frank Act was passed?

• Chair of the Federal Reserve

• Community Banker

• Vice Chair for Supervision

• Vice Chair for Monetary Policy

What is one potential change in the Fed's operation discussed in the transcript?

• Complete elimination of the Federal Reserve

• Reducing transparency in operations

• Mandating a Taylor rule for monetary policy

• Increasing the number of board members

What is the market's expectation for rate hikes this year according to the transcript?

• One rate hike

• Two rate hikes

• No rate hikes

• Three rate hikes

What factor is likely to change the market's expectation for rate hikes?

• A new law passed by Congress

• New economic data

• A change in the Federal Reserve's leadership

• Janet Yellen's personal opinion