Very interesting article summarizing a lot of my thoughts and opinions.
I did not know this tweet from Alex Gladstein but I like it very much !
From a macro perspective, I agree he has too much power but raising interest rates fast and steady is needed as inflation is getting out of hand.
That might be the only thing I agree with them over the past few years !
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What power does he have?
And what makes you think that the Fed can move interest rates?
The Fed's own research reveals it isnt true. They can move the short end of the yield curve but that is all.
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Well, he and the institution have the power to change monetary policy for the US and therefore most of the world (especially emerging markets which are based on the dollar).
Maybe he can influence only the short-end but if the short-end part of the curve changes, the long will mostly follow. Just a small talk changed crypto and stock markets didn’t it ?