Powell receives an 'A' grade for handling politics as Fed chair, says Jefferies' Richard Fisher

• Richard Fisher grades Fed Chair Powell's performance as 'A' (later 'A-minus'), highlighting his strong handling of political pressure and maintaining Fed independence.
• Powell's 'transitory' inflation call is acknowledged as a mistake, but Fisher notes Powell's regret and subsequent correction.
• Fisher believes Powell's continued presence on the Fed board provides 'cover' for potential future Fed leaders, such as Kevin Warsh, against political interference in monetary policy.
• Historical precedents of Fed chairs (McChesney Martin, Arthur Burns) facing political pressure are cited to emphasize the difficulty of the role.

Richard Fisher, former Dallas Fed President, gives Fed Chair Jerome Powell an 'A' (later 'A-minus') for his tenure, particularly praising his political independence in the face of aggressive presidential pressure. Fisher acknowledges Powell's 'transitory' inflation mistake but notes his regret and correction, suggesting Powell's continued presence provides crucial cover for future Fed leaders like Kevin Warsh.