Fun

Sources With Ties to Washington Say Joe Biden Will Renominate Fed Chair Jerome Powell

News Feed - 2021-09-16 02:09:49

Sources With Ties to Washington Say Joe Biden Will Renominate Fed Chair Jerome Powell


Unnamed sources familiar with the matter indicate the Biden administration may allow Federal Reserve chairman Jerome Powell to continue as the central bank’s lead. The news follows three U.S. representatives asking Biden to replace Powell with a central bank leader that addresses equality and climate change. Jerome Powell to Stay for Second Term, Sources Say


A report written by Market Watch contributor Greg Robb shows that U.S. president Joe Biden and his administration will likely keep Jerome Powell at the helm of the central bank. Robb says 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.


Speaking with Market Watch, Stephen Myrow, managing partner of Beacon Policy Advisors said: “My base case is Powell now. That’s the consensus.” Meanwhile, Robb also reported that the managing director for the U.S. for Eurasia Group, Joe Lieber, agrees. “I think it is a high probability they renominate Powell,” Lieber said on Tuesday. However, the Biden administration 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 him to address other issues besides just Covid-19. AOC slammed Powell and said: “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. Joe Lieber: ‘Picking Powell Is a Slam-Dunk in Terms of Market Reaction and a Slam-Dunk in Terms of the Senate’


Myrow stressed to Robb that “[Biden now] has too much on his plate,” and 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,” Leiber explained in his interview.


Meanwhile, last month’s Survey of Consumer Expectations (SCE) report shows that 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.


What do you think about Joe Biden potentially choosing Jerome Powell to run the Fed again for a second term? Let us know what you think about this subject in the comments section below. New York Fed"s Consumer Inflation Report Expects US Inflation to Hit 5.2% by Next Year ECONOMICS | 1 day ago Report Says Western Union Could Lose $400M if El Salvador"s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In ECONOMICS | 6 days ago Tags in this story Alexandria Ocasio-Cortez (AOC), AOC, Ayanna Pressley, Biden Administration, Biden Fed, Central Bank, Democrats, economics, Fed, Fed Chair, Federal Reserve, Greg Robb, inflation, Jay Powell, jerome powell, Joe Biden, Joe Lieber, Market Watch, monetary expansion, Rashida Tlaib, SCE, Stephen Myrow, Survey of Consumer Expectations, US economy


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions
Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions A bank run has started in Russia as citizens rush to withdraw cash amid escalating sanctions. The R
Mark Cuban-Backed Multichain Wallet Launches $3 Million Aptos Ecosystem Fund to Onboard New Users
Mark Cuban-Backed Multichain Wallet Launches $3 Million Aptos Ecosystem Fund to Onboard New Users Blocto, a multichain wallet has announced the launch of a $3 million Aptos Ecosyst
Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today
Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today All around the world cryptocurrency supporters and proponents of blockchain technology are
Ex-Coinbase staff founded NPC Labs raises $21M to build gaming on Base
Brayden Lindrea4 hours agoEx-Coinbase staff founded NPC Labs raises $21M to build gaming on BaseThe $21 million funding effort was led by Pantera Capital, which contributed $18 million, and included funding from Makers F
Last Chance For Polygon As Crypto Analyst Predicts MATIC Price Will Surge Above $1 Again
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Amaka Nwaokocha12 hours agoAI startup Helsing raises $223 million in Series B funding for defense solutionsThe company emphasized its commitment to advancing AI technology for the safeguarding of democratic nations.1440
New Solana feature allows crypto transactions on any website
Ana Paula Pereira11 hours agoNew Solana feature allows crypto transactions on any websiteSolana Actions and blockchain links will allow users to create and share transactions via a URL on websites, social media platforms
SEI Follows SUI; Token Charges Higher With 18% Rally — Is $0.65 Possible?
Este artículo también está disponible en español. A little over a year since its debut, the SEI token has experienced remarkable growth, looking to break into the top 50
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His ‘Major Announcement’
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His "Major Announcement" After the former 45th president of the United States, Donald Trump revealed his
Akt.io Shows How DeFi Is Shaping the Future and Why Financial Institutions Are Ripe for Disruption
Akt.io Shows How DeFi Is Shaping the Future and Why Financial Institutions Are Ripe for Disruption sponsored Investing has become mandatory for those who want to secure their financ
David Attlee3 minutes agoSpain launches AI regulation agency in bid to become industry leaderSpain has become one of the first countries in the European Union to establish its own task force for regulating Artificial Int
After Pundits Predicted Bitcoin’s Death for 11 Years, Barrels of Crude Oil Trade Below Zero
After Pundits Predicted Bitcoin"s Death for 11 Years, Barrels of Crude Oil Trade Below Zero Global markets had a historical day on Monday, as the price of oil dropped below zero and