OF ALL AMERICA’S many job openings, this was the most important. On November 22nd President Joe Biden announced that he would renominate Jerome Powell as chairman of the Federal Reserve when his current term expires in February. Investors and analysts had long expected the reappointment, with initial reports suggesting that it would come nearly three months ago. The delay reflects a worrying pattern of indecision and gaps in personnel appointments by the White House.
That, however, is more complicated than it sounds. Before raising interest rates, Mr Powell has all but committed himself to bringing the Fed’s quantitative easing to a halt—that is, halting its monthly purchases of bonds that helped reinvigorate the economy over the past 20 months. The Fed is starting to reduce, or taper, its asset purchases this month, but it is only on track to stop them altogether by June 2022.
Yet it would take courage for Mr Powell to do this. Scarred by its first experience with tapering back in 2013, when global markets panicked at the mere hint of it, the Fed has carefully telegraphed its moves to investors this time around. “If suddenly you have a new taper schedule and, critically, it has clear implications for rates, you are rolling the dice as to the market reaction,” says Krishna Guha of Evercore ISI, an advisory firm.
Under Mr Powell the Fed has slowly chipped away at some of the rules erected to make the banking system safer after the global financial crisis of 2007-09. This deregulation earned Mr Powell the enmity of left-wing Democratic politicians, including Elizabeth Warren, a senator, who called him a “dangerous man”. Ms Brainard, by contrast, regularly voted against these relaxations.
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Jerome Powell tapped for second term as Fed chairFederal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday, extending a tenure that began somewhat by chance, survived blistering criticism from former President Donald Trump, and now positions the ex-investment banker to finish the most consequential revamp of monetary policy since the 1970s. Of course all corrupt seniors take care of each other OphirGottlieb Well, this is a mistake but not surprised. Biden got this one right. Money printer go brrrrr
Source: Reuters - 🏆 2. / 97 Read more »
Joe Biden To Nominate Jerome Powell For New Term As Fed ChairPresident Joe Biden will nominate Jerome Powell for a new term as chairman of the Federal Reserve. Biden also will nominate Lael Brainard as vice chair. “While there’s still more to be done, … $tsla I just read this guy was a crook. What are we doing? TimInHonolulu
Source: DEADLINE - 🏆 109. / 63 Read more »
Biden nominates Jerome Powell to lead Fed for second termUS President Biden nominates Jerome Powell to lead Fed for the second term despite criticism on low interest rates against record-high inflation
Source: trtworld - 🏆 101. / 63 Read more »
Jerome Powell Nomination for Second Fed Term Draws Bipartisan SupportThe top-ranking Republican on the Senate Banking Committee and several GOP colleagues backed President Biden’s planned nomination of Jerome Powell for a second term as Federal Reserve chairman, paving the way for his confirmation despite some opposition The American public needs to make sure they vote against every Senator who votes in favor of Powell's renomination. Reuters AP CNN, BBC, AJEnglish, times washingtonpost chose not to cover this massive crowd of Eritreans & Ethiopians peaceful demonstration at white house today NoMore MSM is BIASED and for Neocolonialism EthiopiaPrevails HandsoffEthiopia He’s done a great job, so, I don’t know why this comes as a shock, although I did chuckle at Bill Hagerty, republican whining about spending to help those in need but always happy to sign on to a tax cut for his fellow millionaires!
Source: WSJ - 🏆 98. / 63 Read more »
Fed Chair Jerome Powell Reappointed: Is Inflation Set To Increase In 2022?The markets heaved a sigh of relief with the reappointment of Jerome Powell as head of the Fed. Here’s why you shouldn’t break out the champagne. this is terrible news minimum wage should correlate Woolworth and Coles have been jacking up their prices all ready. I notice Aldi has not so much. And I noticed fuel just below $2.00 a litre today. Things in Australia are not looking good. The Morrison LNP have completely failed us.
Source: Forbes - 🏆 394. / 53 Read more »
Biden to re-nominate Jerome Powell to serve as Federal Reserve chairmanPresident Biden has announced that he intends to re-nominate Jerome Powell to serve another term as Federal Reserve chairman. NBC's Shannon Pettypiece reports from the White House. He should have been fired! The economy has crashed on his watch, he’s the ‘Mika’ of the FR Another Criminal added to the Cabal
Source: MSNBC - 🏆 469. / 51 Read more »