A wise man once warned that you never bite the hand which feeds you. That man was Jerome Powell. Seriously. Long before he set foot in the Federal Reserve, thirty years ago the future central banker was an actual banker (as a lawyer, still) who then slid over to the Treasury Department.
By 1991, Powell was the Assistant Secretary of the Treasury for Domestic Finance, a position which meant he was intimately familiar with the government’s perspective on the Treasury debt market. And what an auspicious time to be in that seat.
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