With the focus on the Federal Reserve cutting the funds rate again on Wednesday, we’re reminded of Chair Jay Powell’s Trumpian sobriquet of “too late Jay,” that he exits in May, and that Treasury Secretary Bessent is actively vetting his replacement. Amen.

Bessent says he seeks an individual with an open mind, which is great, but a second essential is having a well-grounded monetary philosophy. It’s not enough to be on Trump’s team. It’s not enough to be well-spoken and a “good guy.” The Fed Chair really has to know his or her stuff.

Having an open mind should mean accepting that neither the new Fed chair, nor the Fed Board, nor the consensus counsel of the Fed’s group-think economists fully understand how the economy works much of the time.

Newsflash: Economists don’t know everything, and much of what the consensus thinks it knows is wrong. (RELATED: Fed Slashes Rates Again — Here’s How It Could Affect Housing........

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