Powell has a zillion really good PhD economists slicing and dicing the inflation data, and if they're telling him Jan/Feb uptick is mostly noise, we should all take that on board.
@greg_ip While I don’t disagree on the recent data, I recall that his zillion PhDs said to ignore inflation a few years ago.
@greg_ip Were they the same really good PhD economists slicing and dicing the inflation data and telling Powell that inflation was transitory in 2021 and, as such, that interest rates wouldn’t need to go up? Or are they an entirely new bunch?
@greg_ip That was well intentioned on your part, but you know you just got people riled up against us PhD economists right?
There is no diversity of thought at the Fed. “The Federal Reserve has 400 PhD economists...The basic problem is they’re virtually all neo-Keynesians. I don’t even know any Austrian economists there, there’s very few neo-classical economists - I would consider myself more closely aligned with neo-classical…” - Lacy Hunt youtube.com/watch?v=bzBGXF…
@greg_ip Is this sarcasm? How’d they do in 2021? Did any of them lose their jobs for the biggest Fed institutional failure since Arthur Burns?