Experts React to Fed Chair Powell’s Renomination: ‘Sound, Tested, Respected, and Familiar’-US News | The Epoch Times

President Joe Biden announced Monday he will be renominating Federal Reserve Chairman Jerome Powell for a second term as Fed chair and will nominate Fed Governor Lael Brainard as vice chairman. Biden was widely expected to nominate either Powell or Brainard for the position of Fed chair. Powell was initially nominated by former President Donald Trump in 2017, but Trump was highly critical of Powell during his first term in the position. Powell served during the COVID-19 market crash in March 2020 and orchestrated the emergency interest rate cuts and implementation of $120 billion in monthly asset purchases to support the economy and provide liquidity to the financial markets during the subsequent economic shutdowns. Powell’s critics have said the Fed has missed the mark with its expectations that the inflationary fallout from the Fed’s stimulus measures would be “transitory.” In November, the Labor Department reported a 6.2 percent increase in …

Benzinga

Leave a Reply

Your email address will not be published.

Next Post

Critical Infrastructure Bill Grants New Powers to Combat Cyberattacks-Rebecca Zhu

Tue Nov 23 , 2021
New legislation that provides the government greater powers to combat cyberattacks passed the Australian Senate with the support of the opposition on Monday. The amendment to the Security of Critical Infrastructure Act 2018 allows the Australian Signals Directorate (ASD) to step in and take over operating systems of certain industries […]

Newsletter Signup

Sign up now and never miss a thing!

You're Signed Up!

Now that you are signed up, we will send you exclusive offers periodically.