The Senate on Thursday confirmed President Joe Biden’s appointment of Jerome Powell to a second term as Federal Reserve Chair, solidifying the central bank's top leadership as it raises interest rates to fight the highest inflation rate in 40 years—and tackles a steep market sell-off spurred by the tighter policy....
First appointed to Fed leadership by President Barack Obama in 2012, Powell has served as chair since the end of Treasury Secretary Janet Yellen's Fed term in 2018; BidenHis policy response to the pandemic was widely praised for staving off an economic depression, but the Fed chair has increasingly faced criticism that the central bankacknowledge
inflation is “much too high” in late March and pledged to “move expeditiously . . . to restore price stability," saying earlier this month the central bank would move to raise rates by 50 basis points in June and July—more than Fed officials forecast at the beginning of the year. Stocks have struggled in response to the threat of rising rates, which typically hurt corporate earnings, with the S&P 500 tumbling 19% this year.
He fits right in with the rest of this train-wreck administration.
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