If appointed to the Fed, Richard Cordray could not be relied upon to keep within the boundaries of what the job is meant to be.
Powell said the Fed is considering tapering off its large-scale asset purchasing program earlier than previously indicated.
‘It now appears that factors pushing inflation upward will linger well into next year,’ said Jerome Powell.
The Fed chief isn’t perfect, but Jerome Powell has consistently demonstrated the most important characteristic for central bankers: independence from elected politicians.
It is democratically illegitimate and legally dubious for the Fed to engage in freelance activism.
Politicians are using financial regulations to circumvent the legislative process.
The Treasury secretary predicted that prices could return to normal levels sometime in the second half of 2022 if the U.S. reins in the pandemic.
The week of November 8: inflation, climate, antitrust, and much more.
So long as the Fed leaves markets guessing, inflation expectations will continue to rise.