Summary
An economist has expressed concerns over President Trump's preferred candidate for the Federal Reserve chair position. Kevin Hassett is seen as a potential choice to replace Jerome Powell. Critics worry this could lead to political interference and inflation issues, similar to what has been seen in other countries.
Key Facts
- President Trump may choose Kevin Hassett to lead the Federal Reserve.
- Jerome Powell’s term as the current chair ends in May.
- Economist Justin Wolfers expressed concerns about possible political influence on the Fed.
- Wolfers cited Turkey as an example of political interference causing high inflation.
- The Federal Reserve is meant to operate independently from political pressure.
- Turkey experienced inflation rates above 80% due to similar political interference.
- Wolfers believes picking Fed chairs based on expertise is crucial for economic stability.
- The role of the Fed chair is considered highly influential in guiding U.S. economic policy.
