Charles Plosser Supports John Taylor for Fed Chair

The speaker discusses the selection of the next Federal Reserve chair, emphasizing the importance of choosing a trained economist to lead the Fed. The speaker supports John Taylor for the role, citing his expertise in monetary policy and ability to counter groupthink. The speaker also highlights the need for the Fed to maintain its independence and avoid politicization. While acknowledging other candidates, the speaker believes Taylor is best suited to meet these criteria.

What does the speaker mean by the 'independence of the Fed' and why is it important?

How does the speaker view John Taylor's qualifications for the role of Fed chair?