OUR TWO REPUBLICAN PARTIES:

More relevant, of course, was her performance as chair of the Federal Reserve, which won near universal praise, both in the U.S. and abroad. As a professor, she taught that lower unemployment would lead to rising inflation--the fabled Phillips curve. But as head of the Fed, she was willing to abandon theory when the evidence for it collapsed. She cares deeply about the fate of left-behind workers and laid the groundwork for the monetary policies of her successor, Jerome Powell, that helped those workers in the years leading up to the pandemic. At Treasury, she will have a broader range of tools to both keep the economy growing and help those left behind. Teamed with Powell, they should give business and markets confidence that steady hands are on the tiller.

Separately, there's a report out this morning from the McKinsey Global Institute shedding new light on the future of remote work. It finds that 20% of the work force in developed countries can work remotely 3-5 days a week as effectively as if they were working in an office. That suggest three to four times as many people may work from home in the future as did pre-COVID.

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