LARRY KUDLOW: Both Kevins Will End the Fed’s Deep State.

The Fed is in need of perestroika.

In other words, the Fed has to be cleansed of its Deep State dislike of all things Donald Trump, and frankly its Deep State bureaucratic groupthink of deadwood economists with models that haven’t worked in 50 years — who are now advising Chairman Jay Powell to fight Mr. Trump and his economic growth agenda.

The next Fed chairman has to go toe-to-toe with the hundreds of Fed economists who are spurring Mr. Powell on in his fight against Mr. Trump’s tariff and reciprocity fair trade policies. Also, against Mr. Trump’s tax-cut policies.

Economic growth does not cause inflation. Tariffs do not cause inflation.

As per the recent paper by the Council of Economic Advisers chairman, Stephen Miran, and even the interview by the Chicago Fed president, Austan Goolsbee, where he acknowledged the real-world fact that exporters and American companies will eat the tariffs, not consumers.

Of course, the Board of Governors has to be changed, and that will come over time.

Importantly, however, presidents of the regional reserve banks have got to be rotated out. The vast majority of them are Obama-Biden lefties who are heavily biased against Mr. Trump.

All this has to be changed: the chairman, the board, the regional reserve bank presidents, and the bulk of the Fed staff economists.

I myself started my career at the New York Fed — and am proud of it. I even had a chance to work with the great Paul Volcker.

But the Fed, over the past 50 years or so, has atrophied into a self-serving, central-planning Deep State that is essentially ignoring and opposing the wishes of the 80 million people who voted for Mr. Trump for president.

We all know what happened to the Soviet Union after the Kremlin embraced perestroika, and if the same fate were to somehow befall the Fed… cool.