For now, Fed appointees have been treated almost as well as generals in the US president's universe. In a crunch, however, the Fed’s much-vaunted independence could prove more fragile than most people realize.
CAMBRIDGE – In a presidency that has shown little regard for conventional institutional norms, how can one explain Donald Trump’s completely reasonable appointments to the Federal Reserve Board? The most recent nominations, Columbia professor Richard Clarida and Michelle Bowman, the bank commissioner for the state of Kansas, continue a pattern of choosing seasoned technocrats, beginning, most importantly, with Jerome Powell, the new Fed chair.
CAMBRIDGE – In a presidency that has shown little regard for conventional institutional norms, how can one explain Donald Trump’s completely reasonable appointments to the Federal Reserve Board? The most recent nominations, Columbia professor Richard Clarida and Michelle Bowman, the bank commissioner for the state of Kansas, continue a pattern of choosing seasoned technocrats, beginning, most importantly, with Jerome Powell, the new Fed chair.