Jefferies chief market strategist David Zervos said in a CNBC interview on 20 August that U.S. monetary conditions are "quite restrictive," arguing that the Federal Reserve’s shrinking balance sheet has removed what had once been a supportive "kicker" for the economy. He contended that the balance-sheet runoff, combined with elevated policy rates, is tightening financial conditions more than widely appreciated. Zervos, who market participants say is on a short list of potential successors to Chair Jerome Powell, also claimed the Fed is no longer acting independently and asserted that Powell is "operating politically from the left." He suggested investors should not "over-emphasize" the Federal Open Market Committee’s September meeting and said the economy’s full-employment rate may be lower than the current 3.5% unemployment threshold.