Market expert Mahoney Asset Management CEO Ken Mahoney: No one has confidence in Biden's Federal Reserve Chair Jerome Powell (1st appointed by Trump)

[basquebromance]

Powell warned today that cooling inflation will "bring some pain" to Americans in the form of layoffs, weaker pay growth, and higher borrowing costs.

The Fed has decided the US will need a 'growth recession' to rein in inflation. Here's why it's bad news for job seekers.

The Fed chair acknowledged its approach to fighting inflation would "bring some pain" to Americans. But the alternative would be far worse.

news.yahoo.com

 

[Mac1958]

I hate to admit it, because I liked Powell at first, but the Fed fucked this up. It was behind inflation by 10 to 16 months. Now it has to play catchup, and it has to kill inflation at the cost of the economy. We're gonna find out how resilient this economy is over the next six to eight months.

Central Banks Are Still Far Behind the Inflation Curve | by Willem H. Buiter & Anne C. Sibert - Project Syndicate

Willem H. Buiter & Anne C. Sibert wonder why the Fed, the ECB, and the Bank of England are maintaining expansionary policy stances.

www.project-syndicate.org

 

[basquebromance]

Jay Powell was asked during the Trump administration if he slept well at night

"no one wants a Fed chair who sleeps all the time", he quipped

can he pass that on to Sleepy Joe Biden?

 

[basquebromance]

changes in the price of stocks and bonds, which the Fed chair controls, influences how much Americans can save, spend, borrow, and invest

he has to do that while maintaining confidence in the financial system, which he's failing to do, as you see in the title of this thread

it's a serious and consequential, if not sometimes boring, decision-making job

 

[basquebromance]

the Fed can print money out of thin air, as you all know

American presidents can take us to war and order midnight airstrikes, but they can't print a trillion dollars out of nothing. The Fed can!