Centrist Joe. How else can you describe Biden after he makes republicans happy and ticks off Elizabeth Warren?
Analysis - Powell's Reappointment Gives Investors Stability | Investing News | US News
NEW YORK (Reuters) - Biden's pick of Jerome Powell to continue as Federal Reserve Chair gives global investors stability and some predictability as the central bank prepares to taper its asset purchases and start hiking rates.
Many investors had hoped that Powell, who was nominated as chair by President Donald Trump in 2017, would be renominated by President Joe Biden for another four-year stint. On Monday, Biden nominated Powell for a second four-year term, with Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, vice chair. Biden also has three Fed seats to fill, including the Vice Chair for Supervision, and intends to make those in early December.
Powell's current term, which is due to run out in February 2022, has proven positive for risk assets, with the S&P gaining 69.7% since his appointment on Feb. 5, 2018 and hitting a series of new records in part helped by emergency measures the Fed launched in response to the coronavirus pandemic.
“My reaction is one of relief," said Peter Tuz, President, Chase Investment Counsel, Charlottesville, Virginia. "He was a steady hand, I think people liked in general the policies that he enacted since (COVID-19) first became an issue."
Elizabeth Warren Says She Will Oppose Jerome Powell’s Nomination - The New York Times (nytimes.com)
Ms. Warren, who has called Mr. Powell “a dangerous man,” had been pushing for President Biden to name Lael Brainard as the next chair of the central bank. Mr. Biden’s decision to name Ms. Brainard to the No. 2 spot at the Fed drew Ms. Warren’s support but she said she would continue to push for additional governors who support aggressive financial regulation.
“It’s no secret I oppose Chair Jerome Powell’s renomination, and I will vote against him,” Ms. Warren said in a statement.
Analysis - Powell's Reappointment Gives Investors Stability | Investing News | US News
NEW YORK (Reuters) - Biden's pick of Jerome Powell to continue as Federal Reserve Chair gives global investors stability and some predictability as the central bank prepares to taper its asset purchases and start hiking rates.
Many investors had hoped that Powell, who was nominated as chair by President Donald Trump in 2017, would be renominated by President Joe Biden for another four-year stint. On Monday, Biden nominated Powell for a second four-year term, with Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, vice chair. Biden also has three Fed seats to fill, including the Vice Chair for Supervision, and intends to make those in early December.
Powell's current term, which is due to run out in February 2022, has proven positive for risk assets, with the S&P gaining 69.7% since his appointment on Feb. 5, 2018 and hitting a series of new records in part helped by emergency measures the Fed launched in response to the coronavirus pandemic.
“My reaction is one of relief," said Peter Tuz, President, Chase Investment Counsel, Charlottesville, Virginia. "He was a steady hand, I think people liked in general the policies that he enacted since (COVID-19) first became an issue."
Elizabeth Warren Says She Will Oppose Jerome Powell’s Nomination - The New York Times (nytimes.com)
Ms. Warren, who has called Mr. Powell “a dangerous man,” had been pushing for President Biden to name Lael Brainard as the next chair of the central bank. Mr. Biden’s decision to name Ms. Brainard to the No. 2 spot at the Fed drew Ms. Warren’s support but she said she would continue to push for additional governors who support aggressive financial regulation.
“It’s no secret I oppose Chair Jerome Powell’s renomination, and I will vote against him,” Ms. Warren said in a statement.
