Who will be next Fed chair?
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Jeez, I remember that, and that led to the Q4 mauling the market suffered. Was that just testing the waters, or was it a true attempt at inflation control?
If "hawkish", a tsunami. If "dovish" (namely, same shit different pussy), then very likely no change from the status quo.
From what I have read, both choices will be "good for the markets", because peeps think Brainard will be as dovish as Powell has been, maybe even more so. But there will be a bit of jitter if she is announced, in my estimation.
I think we're heading straight for STAGFLATION, probably much worst than the one in the 70s. And no Fed Pussies have the will or the power to stop it. That is, until we get another Grim Reaper like Paul Volcker who can care less about any potential consequences...and that's gonna hurt like hell.
I don't feel/believe that for a minute. Back then we had an oil crises which messed everyone up. We do not have that now.
https://www.washingtonpost.com/us-policy/2021/11/20/biden-economics-white-house/
One of the federal government’s most traditional ways of dealing with inflation is through actions by the Federal Reserve, and Biden is expected to announce whom he will nominate to lead the agency in the next few days. Fed Chair Jerome H. Powell’s four-year term expires in early 2022.
In a previously undisclosed meeting at the White House on Monday, a bipartisan group of 10 centrist senators met with Biden around the signing of the bipartisan infrastructure law that they had helped broker. Biden gave comments to the group that were highly complimentary of Powell, two people who attended the meeting told The Washington Post, speaking on the condition of anonymity to reveal details of the private conversation. A White House spokesman said that the president had not yet made a decision about the Fed selection.
White House meets with Fed chief and Fed governor, as decision to appoint head of Federal Reserve nears
But later the same week, Powell came under increasing attack from two Democratic senators who joined Sen. Elizabeth Warren (D-Mass.) in opposing the renomination of the central bank chair. Democratic Sens. Jeff Merkley (Ore.) and Sheldon Whitehouse (R.I.) said Powell had not done enough to use the regulatory power of the central bank to address the financial risks of climate change.
“President Biden must appoint a Fed Chair who will ensure the Fed is fulfilling its mandate to safeguard our financial system and shares the Administration’s view that fighting climate change is the responsibility of every policymaker,” Merkley and Whitehouse said. “That person is not Jerome H. Powell.”
One of the federal government’s most traditional ways of dealing with inflation is through actions by the Federal Reserve, and Biden is expected to announce whom he will nominate to lead the agency in the next few days. Fed Chair Jerome H. Powell’s four-year term expires in early 2022.
In a previously undisclosed meeting at the White House on Monday, a bipartisan group of 10 centrist senators met with Biden around the signing of the bipartisan infrastructure law that they had helped broker. Biden gave comments to the group that were highly complimentary of Powell, two people who attended the meeting told The Washington Post, speaking on the condition of anonymity to reveal details of the private conversation. A White House spokesman said that the president had not yet made a decision about the Fed selection.
White House meets with Fed chief and Fed governor, as decision to appoint head of Federal Reserve nears
But later the same week, Powell came under increasing attack from two Democratic senators who joined Sen. Elizabeth Warren (D-Mass.) in opposing the renomination of the central bank chair. Democratic Sens. Jeff Merkley (Ore.) and Sheldon Whitehouse (R.I.) said Powell had not done enough to use the regulatory power of the central bank to address the financial risks of climate change.
“President Biden must appoint a Fed Chair who will ensure the Fed is fulfilling its mandate to safeguard our financial system and shares the Administration’s view that fighting climate change is the responsibility of every policymaker,” Merkley and Whitehouse said. “That person is not Jerome H. Powell.”
Biden taps Powell, Brainard to lead Fed with 'sound judgement and proven courage'
Biden announced Monday he would nominate Powell, a Republican, for another four-year team leading the Fed board of governors despite pressure from the left to replace him. The president also nominated Fed Governor Lael Brainard, the only Democrat on the Fed board and the favorite among liberals to replace Powell, to serve as vice chair.
Biden announced Monday he would nominate Powell, a Republican, for another four-year team leading the Fed board of governors despite pressure from the left to replace him. The president also nominated Fed Governor Lael Brainard, the only Democrat on the Fed board and the favorite among liberals to replace Powell, to serve as vice chair.
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