Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
×