PanaTimes

Wednesday, Feb 01, 2023

Jerome Powell Likely To Remain As Head of Federal Reserve, According to Sources

Jerome Powell Likely To Remain As Head of Federal Reserve, According to Sources

Biden administration is likely to allow Federal Reserve chairman Jerome Powell to continue as the central bank’s lead, according to anonymous sources familiar with the matter. This after three U.S. representatives asked Biden to replace Powell with a central bank leader that addresses equality and climate change.

According to a report by Greg Robb in Market Watch U.S. president Joe Biden and his administration will likely keep Jerome Powell as the chair of the central bank. The sources stem from “analysts who keep tabs on Washington for Wall Street” and they are “now fairly certain about his renomination.”

Jerome Powell, the Federal Reserve’s chairman, has been leading the central bank throughout a period of time when the Fed has expanded the monetary supply like never before in history. Many complaints have been directed at Jerome Powell and the Federal Reserve’s schemes.

Stephen Myrow, managing partner of Beacon Policy Advisors said:

“My base case is Powell now. That’s the consensus.”

Managing director for the U.S. for Eurasia Group, Joe Lieber, agrees:

“I think it is a high probability they renominate Powell.”

The Biden administration, however, may be getting complaints about Powell from members of the Democrat party.

Three specific U.S. representatives (Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley) want Powell to address other issues besides just Covid-19.

Forward-spoken AOC criticized Powell on ignoring environmental factors saying:

“Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.”

The three U.S. representatives want someone who will expand the monetary system to address things like equality and so-called climate change.

Myrow commented:

“[Biden now] has too much on his plate.”

Leiber explained that it will be “good politics” to choose Powell again:

“It is a slam-dunk in terms of market reaction and a slam-dunk in terms of the Senate — Powell will get 80 votes”

According to last month’s Survey of Consumer Expectations (SCE), many American households are concerned about rising inflation. The central bank’s metrics from the report published this week indicate that SCE respondents envision one-year inflation to jump to 5.2% and three-year expectations will be around 4%.

It is likely that Biden will choose someone who will continue the monetary expansion to meet the administration’s ends. Despite the complaints from a few Democrats, Powell has shown he is willing to expand the U.S. monetary supply, suppress interest rates, and keep quantitative easing (QE) going strong. Every Federal Reserve chair ever chosen to lead throughout history has been ever so willing to expand the Fed’s powers.

Source: Jerome Powell Likely To Remain As Head of Federal Reserve, Sources Say – Fintechs.fi

Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
Good news: US moves to shield Saudi crown prince in journalist killing
×