The Fed chair thought he was talking to Zelenskyy — and gave unusually direct answers to big questions about the economy and interest rates.
, nor do they delve into the kind of cringe that Sacha Baron Cohen perfected with Borat and. They ask kind of plausible, serious-sounding questions in broken English, and — crucially — they don’t press on contradictions or absurdities that could embarrass the central banker. Powell doesn’t really seem all that disturbed by the whole thing, but the video is obviously edited with weird jump cuts and some repetitions.
There is some confusion about how serious a breach it all is. It’s remarkable to hear the head of the world’s most powerful central bank say that a recession is about as likely as not this year, which is a more direct answer than what he tends to give during his periodic press conferences and speeches. Powell goes on to say that he expects the Fed to hike rates two more times by a quarter of a percentage point. The conversation happened at the beginning of the year, and that’s already happened.
Does this matter? Anyone who tracks what the central banker says wouldn’t have found anything he said here very different from what he’s said in the past. The prank callers are reportedly supporters of President Vladimir Putin — an unremarkable fact, given that Russian television these days is an arm of the government — so the supposed gravity of the call is going to be hyped by anyone predisposed to his worldview, even if it’s light on actual revelations.
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