Back to the Future?

One month into the job, Federal Reserve (Fed) Chair Jerome Powell must be wondering what more is in store. Stock market correction, check, bipartisan (actually, partisan from both sides of the aisle) interrogation on Capitol Hill, check, and policy interventions on international trade by the president who appointed him, check. In the event, Chair Powell conveyed a balanced and relaxed demeanor in his February Congressional appearances when delivering the semiannual report on monetary policy.