![]() ![]() Though Powell carried the day, it was not without controversy. "Over the past few years, Chair Powell has provided strong leadership at the Federal Reserve to effectively meet and address unexpected economic and financial challenges, and I am pleased our economy will continue to benefit from his stewardship," Yellen said. not only its steepest but also its shortest recession. Treasury Secretary Janet Yellen, who also was Powell's immediate predecessor at the Fed's helm, lauded Powell for the way he handled the job in the face of the pandemic crisis, which brought the U.S. "The Fed's going to slowly but steadily take its foot off the monetary accelerator." "The president chose the status quo for monetary policy and financial regulation," said Mark Zandi, chief economist at Moody's Analytics. However, markets have been looking for a faster timeline for rates, with the initial hike now priced in for June 2022. Most Fed officials thus far have said they won't consider raising rates at least until the bond buying taper winds down. Officials already have indicated they will start paring back the bond purchases, with reductions of some $15 billion per month that would see the program likely conclude in late spring or early summer 2022. The nominations next head to the Senate for confirmation. Brainard's focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before," Biden said in an earlier statement. "As I've said before, we can't just return to where we were before the pandemic, we need to build our economy back better, and I'm confident that Chair Powell and Dr. 31, 2022, and will oversee a wider swath of policy decisions. As vice chair for monetary policy, she would succeed Richard Clarida, whose term expires Jan. ![]() Personal Loans for 670 Credit Score or LowerĪcknowledging the political pressure he faced to nominate a more progressive Democrat than the Republican Powell, Biden said Monday afternoon he settled on Powell because the current economic circumstances present "enormous potential and enormous uncertainty" and require "stability and independence."īrainard was designated as vice chair of the board of governors she had been widely expected to get a separate vice chair for supervision post, which oversees the nation's banking system. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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