Given Friday's surprising employment report, it is understandable that the other big announcement that day — the one pertaining to governors for the Federal Reserve — attracted a lot less attention. Yet the news is more consequential for the economy and markets. It is also good news.
Last Friday, President Obama announced his intention to nominate three respected and talented individuals for the Board of Governors of the Federal Reserve: Jerome Powell (a renomination), Lael Brainard, and Stan Fischer.
