Gaining a full understanding of how job market dynamics have been affected by the COVID-19 pandemic will take some time, Federal Reserve Chair Jerome Powell said on Wednesday. Powell, speaking at a press conference after the Fed’s latest policy meeting, said this summer’s wave of infections from the Delta variant disrupted what had been a…
Fed’s Powell: Will Take Some Time to Assess Nature of Post-COVID-19 Job Market
Biden Pick for Fed Chair Expected Soon, Yellen Says
November 1, 2021
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Business & EconomyDemocratsEconomieseconomyExecutive BranchFedJanet Yellenjerome powellJoe BidenpickPoliticsUSUS News
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DUBLIN—U.S. Treasury Secretary Janet Yellen said President Joe Biden should pick an “experienced and credible” person as Federal Reserve chair to reassure markets, and while current chair Jerome Powell fit the bill, others would too. Powell, a Republican placed in the job by former President Donald Trump, is widely favored to win reappointment to another…
Powell Says Inflation Risks Rising, but Fed Can Be ‘Patient’
WASHINGTON—Federal Reserve Chair Jerome Powell said Friday that the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. The Fed is not yet prepared to lift its benchmark interest rate, he said, though he suggested that the…
Fed’s Powell Says It’s Time to Taper Bond Purchases, but Not Raise Rates
Federal Reserve Chair Jerome Powell on Friday said the central bank should start the process of reducing its support of the economy by cutting back on its asset purchases, but should not yet touch the interest rate dial. “I do think it’s time to taper; I don’t think it’s time to raise rates,” Powell said…
Boston Fed Will Not Release Documents on Its Former President’s Trades
October 21, 2021
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BostonBusiness & EconomyDistrict of ColumbiaEconomieseconomyEric RosengrenFedjerome powellLocal NewspresidentRegional-Local NewsRobert KaplantradesUSUS News
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WASHINGTON—The Boston Federal Reserve will not release documents that could show whether its former president vetted a series of personal investments last year with its ethics officer, a spokesman for the regional Fed bank said, a key point in an ongoing ethics controversy at the U.S. central bank. Eric Rosengren, along with Dallas Fed President…
Powell Still Favorite for Fed Reinstatement but Investors Examine Alternatives
NEW YORK—Jerome Powell may still be the clear favorite to get renominated as Federal Reserve Chairman, but some investors are considering the long-shot alternative should there be a surprise change. Powell’s odds in betting markets have fallen following sharp criticism of his performance by progressive Democrats and a trading scandal among Federal Reserve officials. Online…
Treasury’s Yellen: Fed Chief Pick ‘Up to the President’
U.S. Treasury Secretary Janet Yellen on Tuesday declined to say whether she would support a reappointment of Federal Reserve Chair Jerome Powell for a second term, saying it was up to President Joe Biden to decide. In an interview with CNBC, Yellen also said she trusts the U.S. central bank to make the right decisions…
Fed’s Powell Pledges Diversity Focus in Filling Reserve Bank Openings
October 2, 2021
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bankBusiness & EconomydiversityEconomieseconomyEric Rosengrenjerome powellOpeningsRaphael BosticReserveUSUS News
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WASHINGTON—U.S. Federal Reserve Chair Jerome Powell on Thursday promised to redouble efforts to find “diverse candidates” to replace two high-profile officials who resigned this week after criticism of their securities trading, as the central bank tried to regroup from a blow to its typically staid, technocratic image. “I can absolutely guarantee you that we will…
Powell: ‘Tension’ Between Jobs, Inflation Is the Chief Challenge Facing Fed
Resolving “tension” between high inflation and still-elevated unemployment is the most urgent issue facing the Federal Reserve right now, Fed Chair Jerome Powell said Wednesday, acknowledging the central bank’s two goals are in potential conflict. “This is not the situation that we have faced for a very long time and it is one in which…
Workers Who Maintain Supply Chains Warn of Worldwide ‘System Collapse’
Several industry groups have warned world leaders of a worldwide supply-chain “system collapse” due to pandemic restrictions, coming as Federal Reserve Chairman Jerome Powell suggested that the current period of higher inflation will last until 2022. The International Chamber of Shipping, a coalition of truck drivers, seafarers, and airline workers has warned, in a letter to…
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