Mr. Magoo And His Fed Posse Of The Blind, Part 1

Not everyone remembers the 1950s, but suffice it to say that Mr. Magoo was a cartoon character who got into endless comical troubles owing to his extreme near-sightedness, compounded by his stubborn refusal to admit the problem.

That pretty well describes the Fed heads going back to Alan Greenspan and his subsequent heirs and assigns. But when it comes to not seeing through the windshield directly in front of his face, the Fed’s current Magoo, Jay Powell, is in a class of his own.