BREAKING: President Biden says he will nominate Jerome Powell for a second term as Federal Reserve chair, endorsing his stewardship of the economy through pandemic recession.
The Fed’s short-term rate, which has been pegged near zero since the pandemic hammered the economy in March 2020, influences a wide range of consumer and business borrowing costs, including for mortgages and credit cards. The Fed also oversees the nation’s largest banks.
If the Fed moves too slowly to raise rates, inflation may accelerate further and force the Fed to take more draconian steps later to rein it in, potentially causing a recession. Yet if the Fed hikes rates too quickly, it could choke off hiring and the economic recovery. Powell, a 68-year-old lawyer by training, was nominated for the Fed’s Board of Governors in 2011 by President Barack Obama after having built a lucrative career in private equity and having served in a number of federal government roles.
The subsequent spike in inflation has forced the Powell Fed to dial back its economic stimulus sooner than it had envisioned. At its latest meeting in early November, the central bank said it wouldand likely end them by mid-2022. Those purchases have been intended to keep longer-term borrowing costs low to spur borrowing and spending.
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