The Institutional Risk Analyst

President Trump will not try to fire Chairman Powell. Why not? First, because Powell cannot be removed save for malfeasance. Second, because firing Powell would seriously piss off Senate Republicans, killing Trump's hopes for tax legislation this year.

Kevin Hasset is now effectively Powell’s boss on everything other than monetary policy.

Banks continue to show a strong preference for late vintage loans over securities, a fact which may cause loan yields to continue falling