Tomorrow will be a big day for Fed watchers as the minutes of the February meeting are released.  As I have written in the past when Chair Powell meets with the press after the Federal Open Markets Committee (FOMC) meetings, his remarks are fact checked when three weeks later the minutes of the meeting are released.

As always, it will be interesting to see how closely the minutes reflect the Chair's comments both at the post meeting presser and his later remarks.  Additional interest will be created by the widely expected official announcement last week that Fed Vice Chair Lael Brainard will leave the Board to become President Biden’s director of the National Economic Council.  In this position she will be playing a key role in developing the Administration’s future economic policy.

The departure of the Vice Chair leaves an important opening at the central bank and jockeying for the position has already begun.  Several Hispanic Members of Congress are suggesting that it is way past time that a Hispanic serve on the Federal Reserve Board.  The timing of the replacement is uncertain, but the new Board member is unlikely to be nominated and confirmed prior to the next meeting on March 21/22.

Munich Security Conference

With tensions running high ...

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