Jerome Powell Has Lost Control of the Fed, Economists Argue

Concerns Over Bureau of Labor Statistics (BLS) Data

• 📊 Steve Moore criticizes the BLS for overestimating job creation by 1.5 million jobs over the last two years of the Biden administration.
• 💡 Moore suggests this error might be purposely manipulated or a sign of sheer incompetence.
• 🎯 The potential appointment of EJ Antony as the new head of the BLS is discussed, with hopes he can bring accurate numbers and a free enterprise perspective.

Donald Trump's Federal Reserve Nominee: Steve Myron

• 🔍 The Wall Street Journal editorial questions whether Steve Myron, nominated by President Trump, is a weak dollar advocate.
• ⚖️ Art Laffer suggests Myron might be a placeholder, but his nomination could shake up the Fed, which is dominated by Keynesian economists.
• 🗣️ Myron has stated he wants to shake up the Fed and is seen as having a supply-side inclination.

Jerome Powell's Grip on the Fed

• 📉 Larry Kudlow argues that Jerome Powell has lost control of his board with the addition of Steve Myron.
• ⚠️ Both Kudlow and Laffer believe Powell is not suited to be Fed chairman and has lost control of the Fed's direction.
• 🎯 A long-term goal of a price rule to stabilize the dollar's value is proposed as a way to bring down inflation and interest rates.

Criticism of Paul Krugman

• 🗣️ President Trump criticized Paul Krugman on Truth Social, calling him a "bum" for his consistently incorrect economic predictions.
• 🧐 Steve Moore and Art Laffer agree that Krugman has been wrong for decades, citing his predictions about Reagan's disinflation and current economic trends.
• 🏆 Both economists consider criticism from Krugman a badge of honor due to his track record of inaccurate forecasts.