During the campaign, Donald Trump warned that Janet Yellen’s monetary policy meant that bad things would happen under the next president, which would be him. He was right that bad things would happen—lots and lots of them have—although the causality is less than clear. This might have led you to think that, when he had the chance, he’d go with the anti-Yellen to lead the world’s most important central bank. Someone who’d really shake things up and Make the Fed Great Again.
Of course, if you believed that, President Trump has a college degree he’d like to sell you. Because when the time came to pick a replacement for Janet Yellen, Trump essentially went with Janet Yellen with a penis, a fact that said Janet-Yellen-with-a-penis, Jay Powell, continues to confirm.
Jon Faust, a professor of economics at Johns Hopkins University, will return to the Fed to advise Mr. Powell on a part-time basis. He served as a senior adviser to Mr. Powell’s predecessors, Ben Bernanke and Janet Yellen, from 2012 to 2014….
Antulio Bomfim, an economist in the Fed’s monetary affairs division, also will serve Mr. Powell as a special adviser. Mr. Bomfim served as an economist at the Fed from 1992 to 2003 and returned to the central bank as a senior adviser in 2016.