David Wessel on the Fed's Current Inflection Point

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  Welcome to Macro Musings, where each week we pull back the curtain

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  and take a closer look at the most important macroeconomic issues of the past, present, and future.

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  I am your host, David Beckworth, a Senior Research Fellow with the Mercatus Center at George Mason University,

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  and I'm glad you decided to join us.

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  Our guest today is David Wessel.

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  David is a senior fellow in economic studies at Brookings

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  and is the director of the Hutchins Center on Fiscal and Monetary Policy.

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  He is also a longtime veteran and public intellectual of the Federal Reserve space and is the perfect

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  guest to join us today to discuss this pivotal moment in the Federal Reserve's history.

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  David, welcome to the podcast.

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  Good to be with you, finally.

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  Great to have you, Juan.

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  This is long overdue.

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  And I have to say that when I think of you, I think of the first time I chatted with you.

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  I don't know if you remember this.

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  This goes way back.

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  I was at Texas State University, and I had just written either a blog post or it was an op-ed.

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  But I had highlighted how Milton Friedman had advocated for a version of QE or large-scale

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  asset purchases for Japan in early 2000. So long before we had this at the Fed.

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  And someone had pointed it out to me, some speech he gave at the Bank of Canada.

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