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Yellen backs reappointing Powell as Fed chair - Bloomberg

EconomyAug 21, 2021 01:35PM ET
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© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell adjusts his tie as he arrives to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S

(Reuters) -U.S. Treasury Secretary Janet Yellen has told senior White House advisers she backs reappointing Jerome Powell as U.S. Federal Reserve Chair, whose term expires in February, a Bloomberg News reporter wrote on Twitter https://twitter.com/SalehaMohsin/status/1429119006175285254.

President Joe Biden has not made a decision and will likely weigh in around Labor Day in early September, the reporter added in the tweet.

A spokesperson for the U.S. Treasury Department declined to comment. No comment was immediately available from the White House.

Powell was elevated to Fed chair by President Donald Trump in 2018, replacing then Fed chair Yellen.

Republican Senator Steve Daines, a member of the Senate Banking Committee, urged Biden in a letter last week to keep Powell at the helm of the Federal Reserve for another four years to build confidence in an improving economy.

Renominating Powell "would send a strong signal to households, businesses, and consumers that the head of the Federal Reserve continues to enjoy broad bipartisan support, and will act as necessary to achieve its dual mandate of price stability and maximum employment," he wrote.

After the coronavirus pandemic prompted widespread shutdowns last year, the Powell-led Fed slashed its benchmark overnight interest rate to near zero and began a massive bond-buying effort. That support is credited with heading off a financial crisis and paving the way for a rapid economic rebound.

A White House official last month said Biden would soon be engaging his senior economic team in "a careful and thoughtful process" about Fed appointments.

Powell has his share of critics, including members of the climate activist group 350.org, who are calling on Biden to nominate a "climate leader" to replace Powell and who plan to protest against Powell's leadership during the Fed's annual central banking conference next week in Jackson Hole, Wyoming.

Yellen backs reappointing Powell as Fed chair - Bloomberg
 

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Comments (13)
Roger Miller
Roger Miller Aug 21, 2021 9:40PM ET
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He has been successful at growing the wealth gap, just as his predecessors were. Those entering the ranks of the impoverished know who to thank.
Joe Locke
Joe Locke Aug 21, 2021 6:18PM ET
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bullish
William Smith
William Smith Aug 21, 2021 5:21PM ET
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When the printing stops the market crashes and when the market crashes the entire economy crashes. Then China takes over Taiwan, then South Korea, then Japan and soon after they take the USA.
Tai Banh
Tai Banh Aug 21, 2021 5:21PM ET
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You must be smoking WS
Johnnie Walker
Johnnie Walker Aug 21, 2021 4:42PM ET
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Insane crash for next week.
Johnny Crash
Johnny Crash Aug 21, 2021 3:25PM ET
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So the insane money printing will continue. None of them care what happens in 5 or 10 years anyway, they will be long gone
MK MK
MK MK Aug 21, 2021 1:56PM ET
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What a joke about price stability :)
Chris Schmid
Chris Schmid Aug 21, 2021 1:56PM ET
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Yeah, that was a good one, fell on floor laughing
perplexed76 .
perplexed76 . Aug 21, 2021 1:43PM ET
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Powell will recommend her as treasury secretary
Michael Angelo
Michael Angelo Aug 21, 2021 1:43PM ET
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And both support Biden...
William Wong
William Wong Aug 21, 2021 1:38PM ET
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The US economy is already red hot and overheating. All the excess monies flowing into assets like stock mkts. Who benefits most from the ATH stock mkts , the rich or the average Americans? In event of future rampant inflation, who suffers most , the rich or the average Americans??
gm mk
gm mk Aug 21, 2021 1:22PM ET
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he keep economy balance, when every fed shouting taper now, he says economic condition is not ready for taper. will see a good strong data first.other fed just think twice, he think 10 step away.
Ravinder Gulati
Ravinder Gulati Aug 21, 2021 1:17PM ET
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Nooo
Tyrone Jackson
Tyrone Jackson Aug 21, 2021 1:14PM ET
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Biden’s Afghanistan nightmare is getting worse. This is a complete failure from this administration. Read the real news . The taliban is ****thousands. And you liberals that voted for sleeping Joe are responsible. Yes, youleft wing hypocrites. That is your guy totally incompetent.
John Lennon
John Lennon Aug 21, 2021 1:14PM ET
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Trump was the one who signed the Doha Agreement.
Victor Ng
Victor Ng Aug 21, 2021 1:14PM ET
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John Lennon biden violate the deal, gave the taliban right to invade afghan
Ify Queen
Ify Queen Aug 21, 2021 1:10PM ET
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hello
Thuan Bui
Thuan Bui Aug 21, 2021 1:00PM ET
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Of course they like making each other richer and spending trillions and trillions cos that's all they know
 
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