Popular candidate for Federal Reserve Chairman: The Fed's timely expansion behavior has led to systemic errors in macroeconomic policies

According to BlockBeats, on April 28th, former Federal Reserve Governor Kevin Warsh, who is seen by Wall Street as the top contender to replace current Federal Reserve Chairman Powell, published a column in The Wall Street Journal stating that "the Federal Reserve has reached the edge of its statutory and implicit powers, surpassing some deeply ingrained central bank principles and practices. The role of the Federal Reserve in all economic policy affairs within the government has become more expanded. The Federal Reserve's all encompassing and timely expansion behavior has led to systemic errors in macroeconomic policies. Walsh believes that monetary policy makers should avoid discussing finance. But if the Federal Reserve chooses to cross the line, then it should maintain consistency between words and actions during times of crisis and prosperity. The maintenance of the independence of the Federal Reserve mainly depends on the Fed itself, but this does not mean that central bank experts should be treated as spoiled princes. When the results of monetary policy are poor, the Federal Reserve should accept strict questioning, strong supervision, and bear due condemnation when it makes mistakes. The current predicament of the Federal Reserve is mainly self inflicted. To restore credibility, repair status, and most importantly, avoid bringing worse economic outcomes to citizens, a strategic reset must be carried out