Neel Kashkari is uniquely qualified for this role.
I'd say that being uniquely qualified involves having an economics PhD (and he's a bit too young imo), but he'd be an acceptable choice. I'm not really sure who I back. John Taylor is uniquely qualified, but he's too hawkish. Warsh doesn't have an economics PhD and was terribly wrong about inflation in 2008-2010, Powell doesn't have an economic PhD either and Yellen is a bit too dovish. In the end I suppose I'd support reappointing Yellen (as she is extremely qualified) or appointing Powell (he doesn't have an economics PhD but he's worked at the Fed for years and the Fed has tons of PhD economists anyway). The Fed balance sheet should be reduced, but not as fast as Warsh or Taylor want (but preferably a little faster than Yellen wants).
Good take. Real damage can be done to the economy by raising rates too quickly and seems like Yellen or Powell would take a reasonable tactic on rates. I'm with you that Yellen is probably a smidge slow on her rate of raising rates, but I also firmly believe in maintaining continuity at the Fed for a period of time maintain the stability of markets. If I could bet on it, I'd put money on Powell, but obviously my preference is Yellen.
