Fed chairman elected. Jerome Powell is for a second term. Why?

Federal Reserve Chairman Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday, the White House statement said.

  • President Biden praises Jerome Powell for his actions during the pandemic and appointed him to a second term as head of the US central bank
  • The Fed increased assets by $ 4 trillion during the pandemic
  • A potential rival Powell was appointed as vice president
  • More such information can be found on the main page of Onet.pl

“While there is still work to be done, we have made significant progress in getting Americans back to work and restarting our economy in the last 10 months,” President Biden wrote in a statement. “This success is a testimony to the economic program that I was pursuing and the decisive action taken by the Federal Reserve,” he added.

Powell’s rival in the competition for the chairmanship of the Fed was Lael Brainardbacked by progressive monetary Democrats. Instead, Brainard will be vice president of the board of governors. He will replace Richard Clarida, whose term expires on January 31, 2022.

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“ We cannot just go back to what we were in before the pandemic, we need to better rebuild our economy and I am convinced that President Powell and Dr. Brainard are focused on keeping inflation low, prices stable and ensuring full employment will make our the economy will be stronger than ever before, Biden said in a statement. He praised Powell for decisive action in the first days of the pandemic.

The Fed launched an unprecedented range of lending programs while cutting interest rates to near zero and introducing a monthly bond purchase program that increased the value of central bank holdings of treasury and mortgage-backed securities over $ 4 trillion – describes CNBC.

See also: Declining support yes, but rate hikes no. Fed chairman reveals policy plans

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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