We’ve complained about this bureaucratic bloat at the Fed for years, and so we were pleased to see Treasury Secretary Scott Bessent pick up on the theme:

My worry is that the Fed is turning into universal basic income for PhD economists. I don’t know what they do. They’re never right…. if you were to look at the central value tendency versus how they’ve done, it’s shocking. It’s shocking. I said, if air traffic controllers did this, no one would get in an airplane.