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HM Wilkins Imperial - Biden to choose Fed Chair

HM Wilkins Imperial – Biden to choose Brainard or Powell for Fed chair

Posted on November 15, 2021January 13, 2022 By mediawiz

HM Wilkins Imperial believes US President Joe Biden will decide between Lael Brainard and Jerome Powell for chair of the Federal Reserve by the end of the month.

Analysts at HM Wilkins Imperial say Jerome Powell, chair of the Federal Reserve, may be losing his position to Fed Governor Lael Brainard as President Joe Biden decides between the two candidates. If Jerome Powell remains as chair of the Federal Reserve, it will be his second term in the role, making him a front-runner for the upcoming term. Contributing to the indecision are the conflicting interests of the Democratic Party’s moderates and progressives surrounding the two finalists.

Odds Favor Powell, HM Wilkins Imperial

“The odds are certainly in Powell’s favor,” says an economist at HM Wilkins Imperial. “He has gained both Democrat and Republican support during his career. Powell has, in addition, proven himself as a powerful asset to Covid-19 economic recovery and has garnered a reputation for preventing financial crisis.”

Still, the cons may outweigh the pros for Powell, who was appointed chair by former President Donald Trump. With inflation currently at a three-decade peak, Powell has attracted much criticism regarding supply chain congestion. In addition, his authority overlooked a trading scandal following which the central bank’s ethics rules were re-examined and two Fed presidents stepped down from their roles.

Brainard is a strong opposition, too, with Democratic Senator Elizabeth Warren’s support and progressives being vocal about their approval of the Fed Governor, who served in former President Barack Obama’s administration.

Brainard Less Aggressive

“Brainard is less aggressive regarding monetary policy, but she delivers when it comes to bank regulation,” says the HM Wilkins Imperial economist. “Public opinion is in her favour, but Biden has his work cut out for him choosing between two strong and capable candidates.”

 

 

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