Tag: Jerome Powell

Jerome Powell

FOMC Doubles Down on Inflation Overshooting

The new era of Federal Reserve policy allowing an overshoot of its 2% inflation target for an extended time launched Wednesday with two Federal Open Market Committee dissents after a “robust discussion.” There were, however, few expectations expressed that even reaching the 2% target would be possible for at least two more years and exceeding […]

Is Inflation Now a Tree Falling in the Forest?

The highlight of next week, not counting a Monday holiday of course, will be the August readings of business and consumer inflation at the end of the week – indicators that were closely watched before the COVID crisis. But now, thanks to much more pressing issues this year, inflation was put on the back burner. […]

Powell: Fed will be Flexible with Average Inflation Targeting

Federal Reserve Chair Jerome Powell said Thursday the Fed will be “flexible” in pursuing a new “average inflation targeting” regime and not use any set “mathematical formula”. Powell, elaborating on what he called a “robust” new monetary policy strategy framework adopted earlier by the Fed’s policymaking Federal Open Market Committee, also noted the new policy […]

Analysis: Fed Can Now Focus on Jobs

The pandemic’s destruction of US employment was not the trigger for the new Federal Reserve policy framework, in the works long before the virus hit. However, the jobs crisis is a perfectly appropriate context for the focus on employment. That focus had already become the hallmark of the Jay Powell era – and now it […]

Status Check: No Happy Talk from Powell: Virus Stats Grim

The following is Wednesday’s status check of developments in the US that can influence economic, health and political outcomes: The VIX mood ring turned a more mellow shade Wednesday, improving a notable 5.27% to settle at 24.10 by day’s end. US stocks finished the day’s session +0.61% or 160.29 points, and in early after hours […]

Fed’s Powell: Probably ‘Long Tail’ of Those Slow to Get Jobs Back

Federal Reserve chair Jay Powell, following a hold-in-place policy meeting Wednesday, stayed away from any happy talk about progress against the virus and unemployment, saying it will be quite a while before low jobless rates return. Referring to the “tail” outside the bulk of the reemployment distribution curve, Powell told reporters in the post-FOMC news […]

Fed’s Powell Warns Against ‘False Starts’

Federal Reserve Chair Jay Powell Thursday explained more about how the central bank is remaking itself to keep intact the structure of an enfeebled economy and he joined the chorus of voices warning against returning to work too soon. “Many of the programs that we’re undertaking to support the flow of credit rely on emergency […]

UK/Ireland Added to Travel Ban; Fed’s Powell Threatened

White House Watch: Trump says he has ‘right’ to remove Powell as Fed chairman, while Senate considers virus response legislation. The NIH’s Tony Fauci Saturday repeated his warning that the coronavirus fatalities will continue to mount in the US in a briefing in which president Trump confirmed travel from the UK and Ireland is being […]

BIS Shuffles the Leadership Pack on Committees

Central bank Governors meeting at the Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, made a number of appointments to lead key central bank groups. Jerome Powell, chair of the Board of Governors of the Federal Reserve System, has been named chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations […]

Trump Names Powell as Next Fed Chairman

Jerome Powell has been nominated by President Donald Trump as the next chairman of the US Federal Reserve.

Powell is currently a member of the board of governors of the Federal Reserve, after being sworn in on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.

Prior to his appointment to the board, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, DC, where he focused on federal and state fiscal issues. From 1997 through 2005, Powell was a partner at the Carlyle Group.