This is the Cato Daily Podcast for Monday, September 12, 2022.

I'm Caleb Brown at the Cato Institute's 40th annual monetary conference held last week.

Cato CEO Peter Getler spoke with Federal Reserve Chairman Jerome Powell

about cryptocurencies, nominal GDP targeting,

and the Federal Reserve's response to high inflation

over the past year.

It's my honor and pleasure to welcome Fed Chair Jerome Powell to the conference,

along with Alan Greenspan and Ben Bernanke is now the third chair of the Federal

Reserve Board of Governors to address the conference.

Jerome Powell was first appointed as chair in 2018 and then reappointed this past spring

and he's no stranger to the Fed. Prior to his time chair, he served as a member of the Board of Governors starting just over 10 years ago.

The one certainty that seems to come with the position of Fed Chair is that one will invariably face a time of great challenge.

Paul Volker confronted our last and worst bout of inflation.

Alan Greenspan saw the stock market crash a mere two months after his confirmation.

And Ben Bernanke led the Federal Reserve amidst the financial crisis of 2007 and 2008.

And Chairman Powell, as we all know, is served throughout the COVID-19 pandemic

and its aftermath, a period in which we've

seen inflation reach its highest level in 40 years.

As we've sat in front of Zoom screens

over the past two and a half years.

I'll just speak for myself, many of us have watched

as our hairs turned grayer.

...