Unidentified sources familiar with the matter suggest that the Biden administration may allow Federal Reserve Chairman Jerome Powell to continue to lead the central bank. The news comes on the heels of three US representatives calling for Biden to replace Powell with a central bank leader tackling equality and climate change.
Sources say Jerome Powell will stay for a second term
A report written by Market Watch contributor Greg Robb shows that US President Joe Biden and his administration are likely to keep Jerome Powell at the helm of the central bank. Rob says the sources stem from “analysts who monitor Washington for Wall Street” and are “now fairly certain he will be re-nominated.”
Jerome Powell, Chairman of the Federal Reserve, led the central bank for a period of time when the Federal Reserve expanded the money supply like never before in history. Many complaints were directed to the schemes of Jerome Powell and the Federal Reserve.
Speaking with Market Watch, Stephen Mayrow, Managing Partner of Beacon Policy Advisors, said: “My base case is Powell now. That is the consensus.” Meanwhile, Robb also reports that the managing director of American Eurasia Group, Joe Lieber, agrees. “I think it’s very likely that they will re-nominate Powell,” Lieber said on Tuesday. However, the Biden administration may receive complaints about Powell from members of the Democratic Party.
Three specific representatives of the United States (Alexandria Ocasio-Cortez (AOC), Rashida Tlaib and Ayanna Pressley) want him to address other issues besides just Covid-19. The AOC criticized Powell and said, “Under his leadership, the Fed has taken very little action to mitigate the risks that climate change poses to our financial system.” The three US representatives want someone to expand the monetary system to address things like equality and so-called climate change.
Joe Lieber: ‘Powell’s pick is a big hit in terms of market reaction and Slam-Dunk in terms of Senate’
Miro assured Robb that “[Biden now] Too much on his plate,” Lieber explained that it would be ‘good politics’ to pick Powell again. “It’s a knockout in terms of market reaction and ‘slam dunk’ in terms of the Senate – Powell would get 80 votes,” Lieber explained in his interview.
Meanwhile, last month’s Survey of Consumer Expectations (SCE) report showed that many US households are concerned about rising inflation. Central bank metrics from the report published this week indicate that SCE respondents expect one-year inflation to jump to 5.2% and the three-year forecast will be around 4%.
Biden will likely choose someone who will continue to expand cash to meet the administration’s goals. Despite complaints from some Democrats, Powell has demonstrated a willingness to expand the US money supply, suppress interest rates, and keep quantitative easing strong. Every Federal Reserve chair chosen to lead him throughout history has always been willing to expand the Fed’s powers.
What do you think about the possibility of Joe Biden choosing Jerome Powell to run the Fed again for a second term? Tell us what you think about it in the comments section below.
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