Our spies tell us that Trump really wants to replace Fed Chairman Jerome Powell right away.

Let’s look at Powell’s performance objectively.  Our UP monetary/economic advisory board member, Louis Woodhill, has crunched the numbers.

Remember, the primary job of the Fed is to keep the dollar stable in value.  Since January 2012, the Fed has defined “stable in value” as 2.00% year-over-year PCE inflation.

Woodhill finds, “Powell was sworn in as Fed Chairman on 2/3/18. He has been Chairman for 69 months, for which we have 12-month PCE inflation data. The Fed has come within +/- 10% of its 2.00% year-over-year PCE target in 2 of those 69 months.”

So, if this were baseball, Powell and his more than 300 PhD economists would be batting .029.  A blind squirrel might have had a better record.

The law says that the president can replace the Fed members for “cause.”  Wouldn’t the chronic inability to hit his own monetary policy target qualify?