The Powell Problem
Why can’t the chairman of the Federal Reserve stop talking and let the central bank’s actions speak for themselves?

We like the point our columnist Lawrence Kudlow makes about the Federal Reserve chairman’s confounded loquacity. It seems as if every time Chairman Powell speaks, the markets break out with the fantods. This problem isn’t confined to Mr. Powell alone. It is a feature of the age of fiat money, meaning money that is not defined in terms of gold or other specie. It makes one pine for the famed aphorism, “Silence is golden.”
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