For better or worse, Fed’s Powell is a pragmatist, not a theorist

While previous Fed chairmen have tied themselves into knots trying to explain how their policy views on inflation, unemployment and growth are consistent with economic theory, Powell is trying something new: Policy first, theory second.

The history of the Fed is filled with examples of policy makers being certain that what they are doing is the correct thing, right up until the moment it blows up in their face.

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte