Michael Gapin

So I have a stronger view on maybe who it's not than who it will be of the remaining three.

That works.

I do think that the timing of the DOJ subpoena served to the Fed

has certainly helped, I think, reduce the likelihood that Kevin Hassett will be the chosen one.

And Trump's remarks saying, I'd prefer to keep you where you are, I think foreshadows that a bit.

So maybe it was the Senate's way of saying,

not this person given given the risks to the institution so that leaves rick reader kevin warsh and and governor chris waller i mean rick reader to your to your question he's been in financial markets for about 35 years so he has a deep extensive knowledge about how financial markets work that's important of course because fed policy is transmitted to the economy

through financial markets.

Now, some will say, oh, but Rick Reader isn't a PhD economist.

And my response to that will be, well, neither is Jerome Powell.

And it's really not the job of the chair to necessarily be the best economist in the room.

The job of the chair is to help build the consensus, to manage the committee, to herd the caps.

and communicate to financial markets and the broader public, Rick is certainly capable of doing that.

So I think whether it's Rick Reeder or Kevin Warsh or Chris Waller, I think they're all capable to do the job.

And I would just say recent events tell me more about who it's not going to be than who it will be.

So no strong view for me.

Betting markets, of course, have their view.

We'll see what the president chooses.

Thank you.