Tim Stenovec

Less so, or at least up until recently, less so.

I think that maybe in the same way that clearly those governors of the Fed back then were cognizant and nervous about the politics.

I mean, I don't think this Fed thinks they're going to be disbanded.

But I think that they're cognizant.

They are very aware, very aware of what the president's saying, what their reputations are going to be like as a result, what people are saying about them, whether they have to do certain things to demonstrate their independence.

I mean, that's the thing.

The idea of demonstrating your independence effectively means you might even make a decision that might not be the decision you'd otherwise make, but you're doing it for your own reputation.

So, yes, I think that all of that is not healthy.

I have a view that is maybe contrarian in this space, which is there's a board and there's a number of people on that board.

I've never believed that the entire Fed is controlled by one human being.

It just isn't.

And so I think it's very important who is running it.

I'm not...

telling you it isn't.

But I do think there will be people on that board

those who care also about their own independence, who will... By the way, another reason I think Jay Powell may ultimately stay on that board for that reason.

Right?

By the way, it's not that I think that Jay Powell is going to be in this role forever.

They're going to let him stay.

No, but just that he can stay for another two years after this.