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Washington Sources Say Joe Biden Will Re-nominate Fed Chairman Jerome Powell Economics Bitcoin News

Sources familiar with the matter indicate that the Biden administration may allow Federal Reserve Chairman Jerome Powell to continue as head of the central bank. The news follows three US representatives asking Biden to replace Powell with a central bank leader who addresses equality and climate change.

Jerome Powell will remain in place for a second term, say sources

A report by MarketWatch contributor Greg Robb suggests that US President Joe Biden and his administration will likely put Jerome Powell at the helm of the central bank. Robb says the sources stemmed from “analysts eyeing Washington for Wall Street” and that they are “quite certain of his nomination now.”

Federal Reserve Chairman Jerome Powell is leading the central bank during a period when the Fed has expanded the monetary supply like never before in history. Many complaints have been directed at the plans of Jerome Powell and the Federal Reserve.

Speaking with MarketWatch, Stephen Myro, Managing Partner at Beacon Policy Advisors, said: “My base case now is Powell. That’s the consensus.” Meanwhile, Rob also pointed out that Joe Lieber, the US Managing Director for Eurasia Group, agrees. “I think it’s a high probability that they re-nominate Powell,” Lieber said Tuesday. However, the Biden administration may receive complaints about Powell from members of the Democrat Party.

Three distinguished US representatives (Alexandria Ocasio-Cortez (AOC), Rashida Tlaib and Ayana Presley) want her to address issues other than just COVID-19. The AOC rebuked Powell, saying: “Under his leadership, the Federal Reserve has taken little action to mitigate the risks of climate change to our financial system.” The three US 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 Senate’

Myro insisted to Rob that “[Biden now] He has too much on his plate,” and Leiber explained that re-electing Powell would be “good politics.” “It’s a slam-dunk in terms of market reaction and a slam-dunk in terms of the Senate – to Powell. Will get 80 votes,” Leiber explained in his interview.

Meanwhile, the Consumer Expectations Survey (SCE) report last month shows that many American households are concerned about rising inflation. Central bank metrics from the report published this week indicate that SCE respondents envision one-year inflation to jump to 5.2% and three-year expectations to be around 4%.

It’s likely that Biden will pick someone who will continue monetary expansion to meet the ends of the administration. Despite complaints from some Democrats, Powell has shown he is prepared to expand the US monetary supply, suppress interest rates, and keep quantitative easing (QE) strong. Every Federal Reserve chairman ever elected to lead throughout history has always been willing to expand the Fed’s powers.

What do you think about Joe Biden potentially picking Jerome Powell to run the Fed again for a second term? Let us know what you think about this topic in the comment section below.

Tags in this story

Alexandria Ocasio-Cortez (AOC), AOC, Ayana 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 Mayro, Consumer Expectations Survey, US Economy

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