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We’re Finally To the End Of the Jerome ‘Too Late’ Powell Era at the Fed

Updated: GOVERNMENT

Thank goodness he’s out. The days of Jerome Powell, who kept disrupting the economy by refusing to cut interest rates—something that was long overdue—are finally over. He is gone, and Kevin Warsh has been confirmed to replace him:

The Senate on Wednesday confirmed Kevin M. Warsh to become the next chair of the Federal Reserve, marking the start of a new era for an institution that President Trump has repeatedly attacked for not lowering interest rates as aggressively as he would like.

Mr. Warsh, whom Mr. Trump nominated for the top job at the central bank, was approved on a 54-45 vote. He will replace Jerome H. Powell, whose term as chair ends May 15. All but one Democrat in the upper chamber voted against Mr. Warsh, reflecting lingering concerns about his willingness to uphold the longstanding political independence of the central bank.

Mr. Trump has taken direct aim at that autonomy since returning to the White House last year. He is currently embroiled in a legal fight with Lisa D. Cook, a Fed governor he tried to fire over unsubstantiated allegations of mortgage fraud. The issue has since been taken up by the Supreme Court, which is expected to issue an opinion before its current term ends in July.

 

Too Late is sticking around, however. He’ll be on the Federal Reserve Board of Governors so his days of harassing President Trump instead of doing the right thing by the country because of his rampant TDS aren’t over yet.

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Still, with Warsh at the Fed’s helm, expect more rational monetary policy, including some rate cuts, I’d be willing to bet.

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