Towards the end of "Bad Optics," I spoke briefly about the political ramifications of persistently high inflation. When Joe Biden renominated Jerome Powell last month, some saw the decision as an implicit green light for the Fed to execute a hawkish pivot. There was plenty of boilerplate commentary about Powell being the "continuity" choice, but that was a red herring. Both Powell and Lael Brainard were continuity candidates. (It's not exactly as if Brainard is an anti-establishment dark-horse.