Dear Jay (if I may),
Next week you will be sworn in as the 16th chair of the Federal Reserve. After a brief ceremony -- not much chance of Champagne I fear -- it will be down to work, with your first Federal Open Market Committee meeting and press conference only six weeks away.
Could I offer a few words of advice? Conventional wisdom has it that the biggest challenge you'll face is how to withdraw the exceptional monetary stimulus of recent years without creating a market upset or another downturn. I disagree. I believe your legacy will depend on
