On todays episode I was happy to host Nick Timiraos, Chief Economics Correspondent of The Wall Street Journal and author of the recently released book "Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster", a book that was recently recommended by Warren Buffet at his Annual Shareholders Meeting.

During the interview we talked about Powell's background, the extraordinary measures the FED undertook during the COVID pandemic, Flexible Average Inflation Target (FAIT) and what impact these decisions have made on the current state of inflation. I hope you enjoy!

Buy the book here -
Amazon - https://www.amazon.co.uk/Trillion-Dollar-Triage-President-Pandemic-ebook/dp/B09B9JXNWZ/

0:00 - Introduction
0:22 - Background and influence for writing the book
2:15 - Powell coming from a different background
3:20 - The FED moving as quickly as possible during COVID
8:01 - Clarida quote about the market
15:50 - Mainstreet lending program
19:25 - FED promising giving businesses confidence
22:15 - Flexible Average Inflation Targeting (FAIT)
27:30 - August 2020 worst time to implement FAIT
31:44 - FED thought COVID shock would be like 2008
35:00 - FED more focused on Price stability or growth?
38:50 - FED losing credibility due to transitory mistake
42:10 - One message to takeaway from our interview and the book?
44:34 - Powell’s parting message

Nick Timiraos has been the chief economics correspondent at The Wall Street Journal since 2017, where he is responsible for covering the Federal Reserve and other major developments in U.S. economic policy.

He joined the Journal in 2006 and previously covered the 2008 presidential election. He wrote about U.S. housing markets and the mortgage industry as a reporter based in New York. His coverage included the government’s response to the foreclosure crisis and the takeover of finance companies Fannie Mae and Freddie Mac. Other assignments have included the Treasury Department, fiscal policy, and the Puerto Rican debt crisis.

More of Nicks Work -

Website - https://www.nicktimiraos.com/
Twitter - https://twitter.com/NickTimiraos
LinkedIn - https://www.linkedin.com/in/nick-timiraos-96364b2/

WTFinance -
Website - https://www.wtfinance.online/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/
Twitter - https://twitter.com/AnthonyFatseas

Former Vice Chair Clarida about the FED’s job during the pandemic -

“We are in a jumbo jet at 30,000 feet in the worst storm in seventy-five years. Our instrument panel [The Treasury market] has gone dead, in both ways: We don’t believe what they’re saying, and when we push this button it doesn’t do what we think. On top of that we are running out of fuel or Treasury Money because we can’t keep doing these lending programs. Not only do we have to stabilize the plane, we’ve got