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United States

6 Oct 2021

Biden Has Complete Confidence in Powell; No Final Decision Made

The Index Today

Senator Elizabeth Warren recently expressed criticism for the Central Bank and its policies, saying “Powell poses a danger to our economy and that’s why I oppose him for renomination.” However, U.S President Joe Biden showed his support for Reserve Chair Jerome Powell and said he has complete confidence in him.

In recent events, two prominent federal policy makers have resigned after an investigation was launched by the Feds watchdog to determine the occurrence of illegal trading. With Jerome Powell’s term coming to an end, U.S Treasury Secretary Janet Yellen is favoring the renomination of Powell but the final decision is left for the President himself.

It is expected that the president will conduct a thorough research and take into account a wide range of options. Senator Warren has so far declined to discuss who she would nominate for the next term as discussions are yet to take place.

On the other hand, a number of republican senators have also come forward showing support for the renomination of Jerome Powell and Fed Governor Lael Brainard who may be the second alternative choice for the position. With the current economic situation and rising inflation this year, many people are questioning the Fed’s policies and effectiveness.

Janet Yellen told CNBC, “I trust the Fed to make the right decisions. You know we have been hit by an incredibly unusual shot. On the one hand, were all almost 6 million jobs short of where we were before the pandemic, which means a lot of people who still need jobs. On the other hand, many firms are finding it difficult to hire.”

She continued, “We’ve had extraordinary shifts in the pattern of demand…I know the Fed is trying to sort through the implications of that, supply bottlenecks have developed that have caused inflation. I believe that they’re transitory, but that doesn’t mean they’ll go away over the next several months.”

©Photo: Skye Gould/Insider

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