You're not gonna like this post, #Fed pundits.
I've seen a lot of arguments the Fed is misleading investors, doing a terrible job of communicating, and that @NewYorkFed President Williams contradicted @federalreserve Chair Jay Powell on rate cuts.
You're wrong.
1/7 Traders and analysts are reacting to what they thought they heard. But they did not listen. 2/7

The #Fed, a 🧵
According to @Business, Lael Brainard has emerged as a serious candidate for Fed chair. Let’s look at what it could mean (a lot):
1/17 If Powell were selected as chair and Brainard as vice chair for supervision, confirmation would be relatively quick and easy. Both are already governors, both have been confirmed. 2/17

THREAD:
For traders excited by the continuing claims decline, a more pessimistic take:
1) Don't forget Pandemic Assistance for gig workers not normally eligible for benefits. Add them to regular initial claims and 3,107,574 people filed last week; 1/5 2) If that many people are still filing 10 weeks into the pandemic, it probably means companies are starting to give up and close permanently. Consequences to come; 2/5

I’ve covered G7 meetings since 1995. I’ve never seen a country, let alone a G7 member, singled out like this:
g7.gc.ca/en/g7-presiden…

—thread— I asked Secretary Mnuchin his reaction. He told me the US, because of tax cuts, still leads the global economy. But he acknowledged the rest of the G7 may disagree.