Quote of the Day: Confirmed as Fed Chairman, Powell Foresees No Sharp Policy Turns Ahead – The New York Times

Marvin Goodfriend, President Trump’s nominee for the Federal Reserve board, was asked why he incorrectly predicted higher inflation after the 2008 financial crisis, but he did not explain his reasoning. Credit Jacquelyn Martin/Associated Press

“I think based on the kind of judgment you have demonstrated, American families are very lucky that you weren’t on the Fed board over the last several years.”

~SENATOR ELIZABETH WARREN, Democrat of Massachusetts, to Marvin Goodfriend, nominee to the Federal Reserve’s board of governors, who struggled during his Senate confirmation hearing to explain his warnings after the 2008 financial crisis that the Fed’s actions were about to unleash higher inflation.

Source: Quotation of the Day: Confirmed as Fed Chairman, Powell Foresees No Sharp Policy Turns Ahead – The New York Times

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