Dr El-Erian, as usual, is spot on in his analysis.

Mr Powell will help the good times continue. Unemployment is 4.1%, GDP is 3%; jobless claims are at a 40 year low, consumer confidence is sky high as is the stock market, and inflation is below 2%.

President Trump can claim some of the credit for this excellent economy by his efforts to reduce unnecessary regulation and to reduce US corporate taxes which are among the world's highest.

Janet Yellen should be commended for her steady hand on the Fed's tiller.  She cooly and intelligently guided the Fed after the financial crisis;  she should receive full credit for having done so.

Dr El-Erian frequently comments on economic policy;  perhaps the Post could carry more of his insightful columns.

Good luck to Mr Powell in his new role as Fed Chairman.