This morning, US government criticism of both Federal Reserve Chair Powell and the institution itself has broadened to include "mission creep" and the effectiveness of other officials. The developments of the last few days reinforce my view: If Chair Powell's objective is to safeguard the Fed's operational autonomy (which I deem vital), then he should resign. I recognize this isn't the consensus view, which favors him staying until the end of his tenure in May. Nor is it a first best, which is simply not attainable. Yet, it's better than what is playing out now – growing and broadening threats to Fed independence – and will undoubtedly increase should he remain in office. As to market reaction, most of the frequently mentioned candidates to replace Chair Powell would be able to calm any potential market jitters. #economy #federalreserve #markets

China knows U.S. debt is a rigged game. It’s not yield. It’s tribute. You lend us your surplus. We print paper. We sanction when we feel like it. Beijing has had enough. (7/12)