In the latest installment of Inside The Episode, Real Vision managing editor Roger Hirst dives into the themes surrounding Michael Taylor and Julian Brigden’s conversation in November’s Insider Talks. Most of their conversation revolved around the potential for Fed Chair Jerome Powell to be replaced by Lael Brainard. The official announcement is expected in December, but Michael thinks they will ‘float a balloon’ and test the market before then - potentially the day after Thanksgiving. However, the Senate Banking Committee Chairman Sherrod Brown said that an announcement is imminent, leaving the market skeptical. Roger explains how flows define the framework, the conundrum of high inflation but low yields, potential pivot by the Fed, and whether the market can handle a policy transition inside the episode. Recorded November 17, 2021