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The Federal Reserve legally is structured a lot like the Supreme Court where the Chief Justice is just one vote
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among nine and the Fed chair is just one vote among seven or 12 depending on the
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committee. But in its long history, it doesn't act that way. So the chair has
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much more influence over shaping the agenda for example but also view the chair has always viewed his or her role
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as shaping a consensus so that we don't have a a norm where the policy messaging
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coming out of the Fed is incoherent to the rest of us. The new Fed chair will almost certainly not be as good at
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consensus building as Jerome Pal. And that's because J Pal is he's the Michael
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Jordan of Federal Reserve consensus building. This is his been his primary target. He has been very good at it. He
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knows how to use the various levers of power available to him to forge that consensus. And even with the odd descent
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or even split descent, he has succeeded in forging a consensus during times of real uncertainty that his successor
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won't be as good at that.