search

Experts React to Fed Chair Powell’s Renomination: ‘Sound, Tested, Respected, and Familiar’

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 …

Related Post

This website uses cookies.