From @WSJopinion: The Fed is guiding the economy away from the private sector and toward the government. The central bank claims this makes the financial system safer, but in reality it’s making the system more dependent on itself, writes @DavidRMalpass. https://t.co/ikKepfywe2 ...

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]