"But that's his prerogative. He should do it. In my mind, there's too much fascination with the Fed. We're a country that's driven by the private sectorwhat people do in the businesses and the companies, small companies and large companies, medium-sized companies, and entrepreneurs and doctors and lawyers. All these people drive our economy. The idea that we are hanging on a thread by the Fed moving rates 25 basis pointsit seems to me we've gotten out of whack."
"since the financial crisis, the Fed had a big role in stabilizing the economy. That's what they're supposed to do. That went away a number of years ago. It came back a little bit in COVID. They're a lender of last resort. They're there to stabilize markets and prices. But other than that, you shouldn't know they exist, quite frankly."
The President will appoint a new chair of the Federal Reserve and candidates are available who can be assisted with information to succeed. Excessive public fascination with the Fed distracts from the private sector, which drives the economy through small, medium, and large businesses, entrepreneurs, professionals, and service providers. Since the financial crisis the Fed's principal role has been stabilizing markets, a role that receded and then briefly reappeared during COVID when it acted as lender of last resort. Outside crisis functions the Fed should remain largely unobtrusive. Loss of Fed independence risks market punishment, and Chair Powell is set to retire in May.
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