Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

16 Nov 2021

President Biden Weighs Fed Chair nominations of Brainard and Powell

The Index Today

President Joe Biden will soon announce new appointed Federal Reserve Chairman for the four-year term starting in February. He held separate interviews with each nominee, Lael Brainard and current fed chair Jerome Powell and advisers.

Many democratic lawmakers and economists have shown favor for Jerome Powell as the next Fed chair. However, criticism has come forward from many reluctant democrats who wish to see someone more committed to implementing strict financial measures to address the current situation.

Jerome Powell was nominated back in 2011 by President Obama to become a member of the Fed board and was them led to chair by Trump. He was previously working as private equity executive and is a republican. On the other hand, Ms. Brainard was employed at the Obama Treasury Department as an economist and later joined the Fed in 2014.

Apart from picking the Fed Chair, the president is expected to announce another nominee for the board of governors which comprises of seven members. If In case Jerome Powell is not selected to serve the next term, it is likely he will exit the Fed and board. This means, a total of four seats will be needed to be filled in the coming three months. Fed officials are expected to make key fiscal decisions on hiking interest rates and managing inflation which affect economic recovery.

Both candidates have similar views on the current level of inflation and consider it as a direct result of the pandemic. Ms. Brainard showed exceptional support towards to new policy framework which was introduced by Jerome Powell last year.

©Photo: bloomberg.com

Clay pottery with table linens