The press mostly  wants a soothsayer, who will foresee events the market does not see and calm the waters — in practice,  basically operating the worlds largest contrarian hedge fund, or the commissariat of macroeconomic central planning. Such people don’t exist, so that’s a self-defeating job description. Let’s talk about reality.

That’s John Cochrane introduction to his article about the skills the next Fed chair will need and the issues likely to be encountered. Along the way he makes a case for appointing an academic economist and talks about the need for a low profile chair. Finally, he does make a couple of recommendations, none of which are liable to get the job. It’s a thoughtful piece and a needed respite from the Summers V Yellen tempest.