Former Philadelphia Fed president Patrick Harker offers a personal reflection upon Powell's decision to not leave the Fed board as his term as chair concludes: "Fed independence is not an abstraction. It is the daily practice of making decisions on the merits.... It is maintained by chairmen who absorb pressure and keep the room functioning, and sometimes by chairmen who delay their own retirement to keep the room standing. Jay has done both." https://www.linkedin.com/pulse/jay-powell-held-line-patrick-harker-f5pne/(Nick Timiraos)