Biden to nominate Jerome Powell for second term as Fed chair, signaling continuity amid heavy economic head windswww.washingtonpost.com/us-policy/2021/11/22/powell-fed-chair-brainard-biden/
2 sats \ 3 comments \ @kr 22 Nov 2021 bitcoin
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2 sats \ 1 reply \ @k00b 22 Nov 2021
Biden:
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.
What does the Fed have to do with climate change (other than inflaming the economy with consumerism)? Weird.
[Brainard] is also credited with helping push the central bank toward its recently revised monetary policy goal, which allows inflation to go temporarily above the Fed’s target if that means more people can join the workforce.
Inflation is problem so we reward a person who helped cause it.
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1 sat \ 0 replies \ @rheedi0 22 Nov 2021
All of this is screwy. Isn't the Fed supposed to be independent of the US government? I don't get why the government appoints the officials then. Sounds a bit like a conflict maybe? 🙃
Also, if anything, the Fed contributes to climate change by encouraging exploitation and over-consumption. They've got it all backwards.
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1 sat \ 0 replies \ @kr OP 22 Nov 2021
Interesting comment from Biden below. The Fed often mentions their dual mandate of achieving stable prices and full employment.
Now, it looks like "low inflation" will be one of their new talking points.
“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 Monday.
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