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    (CNN)The US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. The final vote was 80-19."Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed," said Senate Majority Leader Chuck Schumer ahead of the vote.He added that "Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history."Powell, 69, was nominated in 2017 by former President Donald Trump to serve as head of the central bank, replacing Janet Yellen.After serving out his four-year term in February, Powell had been acting as chair pro tempore after Republican lawmakers had blocked the confirmation process. At issue, was President Joe Biden's pick for chair of supervision, Sarah Bloom Raskin, who many Republicans believed was overly focused on green energy and environmental issues at a time when Russia's invasion of Ukraine continues to send fuel prices through the roof.Read MoreRaskin, a former Fed governor who was deputy Treasury secretary during the Obama administration, ultimately withdrew herself from consideration in...
    WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed’s goal is to slow borrowing and spending enough to ease the inflation pressures. Since February, when his first term expired, Powell had been leading the central bank in a temporary capacity. He faces a difficult and risky task in trying to quell inflation without weakening the economy so much as to cause a recession. The job market remains robust and has strengthened to a point that Powell has said is “too hot” and is contributing to an overheating economy. Spiking prices across the economy have caused pain for millions of Americans whose wages aren’t keeping up with the cost of such necessities as food, gas and rent. And the prospect of steadily higher...
    WASHINGTON (AP) — Jerome Powell confirmed by Senate for a second 4-year term as Fed chair, faces tough challenge in taming high inflation. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    NEW YORK (AP) — The shakiness hitting Wall Street isn’t just because the Federal Reserve’s money printer that’s supporting markets is slowing, but that it may soon go into reverse. With inflation high and the economy strengthening, the Fed has warned investors the ultra-easy conditions it’s created for them in recent years are likely to disappear. It appears on track to raise short-term interest rates earlier and more aggressively than previously expected, and it may also soon start letting go of some of the trillions of dollars of bonds it’s bought since the pandemic began. While the first possibility would be a negative for Wall Street, it’s something investors have been gearing up for. The second possibility, though, was a surprise when it was included in the minutes for the Fed’s latest policy meeting, which were published on Jan. 5. Fed Chair Jerome Powell talked about the possibility again in testimony on Capitol Hill Tuesday. The last time the Fed was shrinking its massive trove of bond holdings and raising short-term rates in tandem, the S&P 500 tumbled nearly...
    VIDEO1:2801:28Fed Chair Powell testifies on inflation, interest ratesThe News with Shepard Smith After his confirmation hearing Tuesday, Jerome Powell is likely set for a second term as chairman of the Federal Reserve, which means Americans can expect the U.S. central bank to start raising interest rates to control inflation. In March 2020, the Fed first cut interest rates to near zero and has held them there ever since, along with instituting a monthly bond-buying program to bolster the economy during the Covid pandemic. Only recently has the central bank said it would aggressively taper those emergency stimulus efforts after a variety of inflation reports reached their highest levels in decades. The U.S. Department of Labor on Wednesday reported that the prices that consumers pay for goods and services rose 7% in December and notched their largest year-over-year jump since 1982. "The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation," Powell said in prepared remarks released ahead of his confirmation hearing. "We will use our tools to support...
    VIDEO2:5502:55Anthony Scaramucci discusses hopes for the United States' crypto hearingCapital Connection Inflationary pressures in the global economy are temporary and won't be long-term problems, according to hedge fund investor Anthony Scaramucci. The founder and managing partner of SkyBridge Capital said he believes rising prices are related to supply chain constraints and will ease once the bottlenecks are resolved. "I don't see the inflation being long term. I think this is a transitory aftermath of the crisis," he told CNBC's "Capital Connection" on Wednesday. In October, consumer prices in the U.S. surged by 6.2%, the biggest jump in more than 30 years. Market experts are split on whether inflation is temporary or not. Mohamed El-Erian, chief economic advisor at Allianz, told CNBC last month that the Fed is losing credibility over its view that rising prices are transitory.VIDEO12:3512:35Why everyone is so obsessed with inflationCNBC ExplainsFed Chairman Jerome Powell last week said the central bank uses the term to mean that the current increase in prices won't leave a permanent mark on the economy. "I think it's probably a good time to retire that word...
    VIDEO6:0006:00President Joe Biden to renominate Jerome Powell as Fed chairSquawk on the Street President Joe Biden announced Monday that he is nominating Jerome Powell for a second term as chairman of the Federal Reserve, which means Americans can expect the U.S. central bank to maintain its patient stance on inflation and interest rates. Biden praised Powell and the Fed for “decisive” action that cushioned the impact of the Covid pandemic. In March 2020, the Fed first cut interest rates to near zero and has held them there ever since, along with instituting a monthly bond-buying program to bolster the economy. Only after its most recent policy meeting did the central bank say it would begin to taper those emergency stimulus efforts. More from Personal Finance:88% of Americans are worried about inflationWhere to make and save money as inflation rises46% of Americans expect to retire in debt “With the Federal Reserve at an inflection point of starting to dial back stimulus, continuity at Fed chair is key,” said Greg McBride, chief financial analyst at Bankrate.com.  “It’s tough to change jockeys in...
    WASHINGTON -- President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.Biden also said he would nominate Lael Brainard, the lone Democrat on the Fed's Board of Governors and the preferred alternative to Powell among many progressives, as vice chair, the No. 2 slot.A separate position of vice chair for supervision, a bank regulatory post, remains vacant, along with two other slots on the Fed's board. Those positions will be filled in early December, the president said."If we want to continue to build on the economic success of this year, we need stability and independence at the Federal Reserve - and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs," Biden said in a statement.Biden's decision, reached after extensive consideration, strikes a note of continuity and...
    President Biden announced Monday he is renominating Trump-era Republican Federal Reserve Chair Jerome Powell for a second term, defying complaints from progressives.  Biden nominated Lael Brainard, a Democrat, for vice chair. She will replace Richard Clarida, another Trump-appointed Republican.  Progressives had hoped Brainard would replace Powell at the no. 1 spot, as they insisted she more closely aligns with the president's robust economic agenda. 'I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,' Biden said in a statement.  'Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system.' Powell served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush. President Obama appointed him to the Federal Reserve Board of Governors, where he served until Trump appointed him to lead the Fed in 2018. Before that, he was an attorney and investment banker in New York City. ...
    By Kaitlan Collins, Kate Sullivan and Betsy Klein | CNN President Joe Biden on Monday formally announced his intent to nominate Jerome Powell to serve as the chairman of the Federal Reserve for a second term and nominate Lael Brainard to serve as the Fed’s vice chair. Powell’s four-year term is up in February, and the President faced a key decision of whether to keep Powell, who was put in the job by a Republican, in the government’s most important economic policy job. At a time when rising consumer prices, inflation and shortages caused by the supply chain crisis are urgent concerns of the White House, there has been heightened focus on who the President was going to pick to lead the nation’s central banking system. The White House cited Powell’s “steady leadership” amid the economic turbulence of the pandemic as a reason for the decision. Economic recovery, the White House said in a statement, “is a testament to the success of the President’s economic agenda, and it is a testament to decisive action by Chair Powell and the Federal...
    New York (CNN Business)Wall Street opened in the green on Monday amid the news that President Joe Biden intends to nominate Jerome Powell for a second term at the helm of the Federal Reserve.The Dow (INDU) opened up 0.3%, or 120 points, while the broader S&P 500 (SPX) was up 0.4%. The Nasdaq Composite (COMP) opened up 0.4%.Powell has steered the economy through the worst of the pandemic as Fed Chairman. The White House cited Powell's "steady leadership" amid the economic turbulence of the pandemic as a reason for the decision. A second four-year term would mean more of the same from the central bank, which announced earlier this month a rollback of its pandemic-era stimulus measures. For investors, who have gotten used to Powell's Fed leadership after some initial growing pains, it means they know what to expect from the central bank in the years to come.Biden will nominate Fed Governor Lael Brainard as Vice Chairman. Brainard had also been an option to take over from Powell.Read MoreThe President will speak on the nominations at a White House event...
    (CNN)President Joe Biden will nominate Jerome Powell as chairman of the Federal Reserve for a second term, and Lael Brainard as vice chair, according to a source familiar. Powell's four-year term is up in February, and the President faced a key decision of whether to keep Powell, who was put in the job by a Republican, in the government's most important economic policy job. At a time when rising consumer prices, inflation and shortages caused by the supply chain crisis are urgent concerns of the White House, there has been heightened focus on who the President was going to pick to lead the nation's central banking system. Read MoreBiden recently met with Powell and Lael Brainard, a Federal Reserve governor, separately at the White House as he weighed his decision, CNN previously reported. Brainard had been viewed as the leading contender if the President decided against Powell for a second term. "We've got a lot of good choices," Biden said during a recent trip to Scotland. The President said he had been meeting with his economic advisers and...
    WASHINGTON (AP) — President Joe Biden announced Monday that he’s nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate Lael Brainard, the lone Democrat on the Fed’s Board of Governors and the preferred alternative to Powell among many progressives, as vice chair. The president said he will fill the three remaining slots on the board, including a vice chair for supervision, a bank regulatory post, in early December. Biden’s decision, reached after extensive consideration, strikes a note of continuity and bipartisanship at a time when surging inflation is burdening households and raising risks to the economy’s recovery. In backing Powell, a Republican who was first elevated to his post by President Donald Trump, Biden brushed aside complaints from progressives that the Fed has weakened bank regulation and has been slow to take account of climate change in its supervision of banks. If confirmed...
    Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021.Kevin Dietsch | Reuters Jerome Powell, who guided the Federal Reserve and the nation's economy through the staggering and sudden Covid-19 recession by implementing unprecedented monetary stimulus, has been nominated for a second term as chairman of the U.S. central bank. President Joe Biden made the announcement Monday morning following weeks of speculation that a push from progressives might see Fed Governor Lael Brainard get the spot. Brainard instead will be vice chair of the board of governors; she had been widely expected to get a separate vice chair for supervision post, which oversees the nation's banking system. As vice chair, she would succeed Richard Clarida, whose term expires Jan. 31, 2022. "As I've said before, we can't just return to where we were before the pandemic, we need to build our economy back better, and I'm confident that Chair Powell and Dr. Brainard's focus on keeping inflation...
    (CNN)President Joe Biden is nearing a decision on his choice for Federal Reserve chair, with observers inside and outside the administration viewing incumbent Jerome Powell as the front-runner for another term.An announcement is expected as early as next week. Biden has waited longer in making his selection than his two immediate predecessors, leaving a relatively narrow window for the Senate to confirm his choice before Powell's term expires next February.Biden, during a November 2 news conference, said he planned to make an announcement about his selection "fairly quickly" and said there would be "plenty of time" to move his pick through the confirmation process. "I've given a lot of thought to it, and I've been meeting with my economic advisers on what the best choices are, and we've got a lot of good choices," Biden said when asked about the position. "But I'm not going to speculate now." The decision marks a critical moment for a White House in the midst of managing an economy emerging in fits and starts from a once-in-a-century pandemic. While job and wage growth have...
    WASHINGTON (AP) — The Federal Reserve will begin dialing back the extraordinary economic aid it’s provided since the pandemic erupted last year, a response to high inflation that now looks likely to persist longer than it did just a few months ago. In a statement Wednesday after its latest policy meeting, the Fed said it will start reducing its $120 billion in monthly bond purchases in the coming weeks, by $15 billion a month, though it reserved the right to change that pace. Those purchases have been intended to hold down long-term interest rates to spur borrowing and spending. With the economy recovering, that’s no longer needed. The Fed’s announcement comes against backdrop of surging prices across the economy — in food, rent, heating oil, autos and other necessities — that have imposed a burden on households and have become a political liability for the Biden administration and its Democratic allies in Congress. The central bank will slow its $80 billion in Treasury purchases by $10 billion a month and its $40 billion in mortgage bonds by $5...
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