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Asleep at the Wheel at the Federal Reserve One major way in which the economic facts have changed radically has been that budget policy has become substantially more expansive than Jerome Powell had anticipated last year. John Maynard Keynes famously said, “When the facts change, I change my mind. What do you do sir?” Evidently, Federal Reserve Chairman Jerome Powell does not subscribe to Keynes’s view. Despite the major changes in the monetary policy facts over the past few months, Powell sees no reason to change his earlier commitment to an ultra-easy U.S. monetary policy for the next few years. For this error in monetary policy judgment, the country is likely to pay very dearly. 

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