In this in-depth interview, Mike Simonsen talks with Nick Timiraos, chief economics correspondent at the Wall Street Journal to discuss the recent history and future outlook of the Federal Reserve, including its response to crises, political pressures, and inflation management. Key topics include Powell&#x27;s legacy, the impact of geopolitical shocks, and the evolving approach to monetary policy.

It’s the start of a new era at the Fed. What happens next? 

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It's the start of a new era at the Fed. What happens next? Today we have my guest, Nick Timmeros from the Wall Street Journal. Nick is the chief economics correspondent with the journal. He's the foremost journalist, expert on the Federal Reserve, and has reported extensively on Chairman Powell, as well as the inner workings of America's foremost economic policy organization.

Nick's book, Trillion Dollar Triage, is a wild look inside the Fed during the COVID emergency. So if you have opinions on the Fed and how the Fed operated, I highly recommend that book. It's really cool, minute by minute. And we'll talk about that a little bit today. But let's just jump right in. Nick, welcome to the show. Mike, thanks so much for having me.

Let's start today. So we're now recording. It's the end of the Jay Powell era. It's the start of the Kevin Warsh era. Give me a grade on Jay Powell. Give me your grade. I don't do grades. Look, I mean, the people that I talk to, they give him probably an A for the pandemic. They give him a low grade for 2021.

I think the question on 2021 is, do you want to grade on a curve? Because every central bank more or less blew the transitory inflation forecast. They were setting policy on a forecast in 2021 that inflation was going to come down quickly.

So you could give a, you know, like a gentleman's C or something lower for that. And then I think most people that I talk to outside of the administration give Powell high marks for how he has dealt with the last year, which is sort of a very belligerent, you know, antagonistic posture from the White House.

It’s the start of a new era at the Fed. What happens next?

Read the full transcript

The candid version is on a podcast,
not the earnings call.

It’s the start of a new era at the Fed. What happens next?

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.