Making the Case for Jay Powell as Next Fed Chair

The transcript discusses the implications of selecting a new Fed chair, focusing on the limited impact on monetary policy due to existing paths and the importance of regulatory roles. It highlights the uncertainty in FOMC composition and potential shifts in policy direction. Economic forecasts suggest stronger wage gains and a cautious approach to rate hikes, with Bloomberg Intelligence predicting a shallower path than projected.

What is the primary focus of the Fed chair's role according to the first section?

• Controlling the stock market

• Regulation and deregulation of banks

• Setting the Fed funds rate

• Managing inflation directly

How might the composition of the FOMC change next year?

• It will have more hawkish members

• It will have more dovish members

• It will have fewer members

• It will remain the same

What is a potential consequence of the FOMC's changing composition?

• A decrease in interest rates

• A stable monetary policy

• A focus on international trade

• An increase in policy uncertainty

What economic factor is expected to lead the way next year?

• Core inflation

• Wage gains

• Stock market performance

• Unemployment rates

What is Bloomberg Intelligence's view on the rate hike path for next year?

• A steeper path than projected

• A shallower path than projected

• No rate hikes at all

• A focus on reducing rates