Capital Gazette wins special Pulitzer Prize citation for coverage of newsroom shooting that killed five

Ben Bernanke

What will a Powell-led Federal Reserve do?

What will a Powell-led Federal Reserve do?

While the Republican tax bill continues to dominate the nation’s economic news, another key event has generated relatively minor headlines: Jerome Powell’s nomination as chair of the Federal Reserve. What did Janet Yellen do to merit only a short 4-year term as Fed chair? Setting aside the possibility of sexism in this move, the larger question is this: If the tax bill locks in the income gains enjoyed by the wealthiest Americans, will the Fed’s new leader throw away the key?

Regardless of who’s been in charge, Fed policy over the past 45 years has contributed to a redistribution of income and wealth unparalleled in the history of peaceful democracies. Since the end of the gold...