Jerome Powell: “I would expect to have a perfectly normal, good, constructive working relationship with a new Vice Chair for…”

without the ability to pay interest on reserves, the Fed would lose control over rates

It is a big risk to our independence if we were to stray into areas where we shouldn’t that really aren’t part of our mandate.

I want to hand over to my successor an economy in good shape.

I would agree that climate is the biggest risk.