After enduring a string of attacks on the Federal Reserve, Jerome Powell may now feel confident that the central bank is in good enough hands to step away completely when a new chair takes over. Earlier this month, the Fed reappointed its regional bank presidents a bit earlier than usual, surprising Wall Street and easing…
National Economic Council Director Kevin Hassett, one of the top contenders to replace Jerome Powell as Federal Reserve chair, downplayed any role that President Donald Trump’s opinion would have in setting interest rates. That’s despite Trump repeatedly insisting that he ought to have some say on monetary policy. Most recently, he said Friday his voice…
The Federal Reserve’s early reappointment of its regional bank presidents took markets by surprise and eased concerns the central bank would soon lose its independence as President Donald Trump continues demanding steeper rate cuts. On Thursday, the Fed announced 11 out its 12 bank presidents were re-upped, leaving out the Atlanta Fed chief role as…
Today is like Christmas morning for markets: Will they be granted their wish for December, and have a final interest rate cut for the year delivered by Santa Jerome Powell? So far, the signs are pointing to yes. Investors priced in an 87.6% likelihood of a reduction from the Federal Open Market Committee (FOMC) this…