"Anti-Establishment" Trump Appoints "Establishment" Fed Chairman

Donald Trump has appointed monetary dove Jerome H. Powell as next Fed chairman.

There is possibly no one more "establishment" than Powell, who was originally nominated to the Federal Reserve Board of Governors by Barack Obama after a stint with the US Treasury.

Powell is likely the closest Republican-labeled surrogate to Janet Yellen, whose shared support for Dodd-Frank and QE3 stands at odds with the anti-establishment attitude advertised by Trump during his campaign.

What's more, the Trump campaign justifiably focused upon the phoniness of the US economy during the 2016 bid, while Powell has even recently celebrated a "strong" US economy and labor market, in addition to condemning current lending standards for being "too rigid."

This appears to be business as usual rather than "draining the swamp."

In response to his appointment, Jerome Powell began his acceptance speech by alluding to the Federal Reserve's so-called dual mandate, price stability and full employment.

As it turns out, the market economy organically operates toward a reduction of marginal costs and the prolific distribution of leisure at the elimination of drudgery, both of which oppose those mere nominal measures which bear relevance only to the diplomats and their hired statisticians.

Meanwhile, the major indices have remained stable, suggestive of investors' anticipation of continuity with Janet Yellen's stencil.

If you bought into Trump's drain the swamp mantra, it appears time to sell the fact.

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