A look at the Federal Reserve's Federal Open Market Committee from Capital Economics is blunt and to-the-point:

(in summary and bolding mine)

The nomination of the relatively inexperienced Jerome Powell as Fed Chair comes at arguably a bad time

  • The FOMC has fewer professional economists and less experience than it has had in decades.
  • The large number of vacancies and high turnover on the committee raises the risk of miscommunication or even a major policy mistake.

More:

Powell has plenty of positive attributes, including his extensive market experience, in other respects he falls well short of what we'd expect of a nominee for Fed Chair

  • We'd be more willing to overlook these shortcomings if he were surrounded by strong economists but, unfortunately, there has been a worrying decline in quality and experience on the entire FOMC.
  • The number of FOMC participants with economics PhDs peaked at 16 in 2003 and may fall to just half that by early next year.
  • If Janet Yellen quits her board position when her term as Chair expires, that would leave Lael Brainard as the sole member of the Board with advanced training in economics.

Not only does the FOMC appear to be dumbing down, but turnover has risen substantially

  • The average FOMC participant has spent less than four years in the position, half of what the average tenure was fifteen years ago.

A less qualified and experienced FOMC doesn't affect the immediate outlook for policy. But it does mean that the big questions will fall increasingly to the Fed staff rather than FOMC members themselves. Without strong intellectual leadership from the front, the risks of a major policy mistake would surely rise.

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A manifestation of the hatred of 'elites' and even education I reckon.

Still, there is always Facebook and politicians to set us straight. LOL.