From Milken Institute Review, Mark Thoma on Federal Reserve independence: The never-ending story. The first chapter from The Myth of Independence: How Congress Governs the Federal Reserve by Sarah Binder and Mark Spindel (and more). Jerome Powell, President Trump’s reported choice to head the Federal Reserve, explained. Who is Jerome Powell, Trump’s pick for the nation’s most powerful economic position? Sarah Binder and Mark Spindel on the 4 challenges Jerome Powell will face in leading the Fed. As Trump decisions go, choosing Powell is far from his worst one — but it’s frustrating when there exists an obvious, superior choice on the menu and the president of the Unites States abstains from that option.

Annalisa Merelli and Eshe Nelson on the remarkable achievements of Janet Yellen, the Fed chair Trump is getting rid of. Yellen’s legacy: Economic progress but a sense of a job unfinished.