Federal Reserve Leadership & Structure - The president has the opportunity to reshape the Federal Reserve committee [1] - There is concern about the foundations of the Fed and potential lack of accountability regarding cost overruns [3] - A replacement for the Coogler seat is being considered, with private sector names among the candidates [4][5] - The process of selecting a Fed chair involves interviewing 10-11 people to discuss monetary and regulatory policy [7] - The Fed is considered one of three regulators (Federal Reserve, OEC, and FDIC) [7] Monetary & Regulatory Policy - Monetary and regulatory policy are key discussion points in the Fed chair selection process [7] - The Fed needs to understand its role as one of three regulators [8] Personnel Decisions & Timeline - Stephen Morrow's confirmation is being expedited [1] - Myron is not expected to stay on past his January term [4] - The timeline for naming a new Fed chair is extended by putting Stephen Myron in place [8] - The president is open-minded in the selection process, considering candidates with diverse views [8][9]

Labor Market Overview - Unemployment rate decreased to 41% [1] - Job creation was significantly influenced by state and local government hiring [2] - Monthly job reports can be volatile and influenced by factors such as teacher hiring cycles [3] Economic Outlook & Policy Impact - Tax bill passage is expected to accelerate private sector growth [4] - Companies have been hesitant to invest due to uncertainty surrounding the tax bill [4] - Full expensing on equipment and factories is anticipated to stimulate capital expenditure (capex) [5] - Increased capex is expected to lead to construction jobs and subsequent hiring for new plants [5]