Authored by Stephen Moore via RealClearPolitics.com,
The man just won't leave the stage.
Fed Chairman Jerome Powell announced last week that he's going to remain on the Federal Reserve Board until 2028 even as he by law surrenders his chairmanship. The announcement came even after President Donald Trump agreed to drop his unwise lawsuit against Powell for funding a $2 billion new Taj Mahal building down the street from the White House.
Powell will be the first Fed chair to stay on the Fed's Board of Directors in 50 years. This isn't the way it's done. It's bad form.
Only once did he come within spitting distance of his inflation target. February 2021 was the only month in his whole tenure when inflation hit the range of 1.8% to 2.2%. He's retiring with a batting average of .011.
Powell, in my opinion as a close Fed watcher, was one of Trump's worst appointments, as his record proves. Trump agrees with me.
Two-thirds of the time, inflation was well above the target. Would you keep someone with that lousy record in your starting lineup?
He almost rammed the economy into recession with inexcusably high rates in 2018, and then during COVID-19's aftermath he flooded the economy with cheap money.
The inflation rate skyrocketed to 9% -- its highest level since the late 1970s. We're all still paying high grocery prices because of that monetary blunder. The Fed promised "transitory" inflation, but it was very high for two years.
He's used interest rate policy seemingly as a weapon to bludgeon his enemy Trump.
Source: ZeroHedge News
