Jerome Powell's tenure leading the Federal Reserve has been among the most tumultuous in the central bank's history. And Powell's second term won't necessarily be much easier.
He and his policies have been the spotlight largely because of a once-in-a-century pandemic that caused the deepest economic downturn since the Great Depression — and though economic activity rebounded fairly quickly, supply chain and labor imbalances followed, feeding the biggest jump in consumer prices in 30 years.Jerome Powell has been renominated for another four-year team heading the nation's central bank.
Trump also claimed Powell was not doing enough to help spur economic activity and drive financial markets higher. Trump's public criticisms worried those who saw it not only as an attack on the Fed's policies but also Fed independence. Nations where the central bank is not allowed to function as an independent body often suffer devalued currencies and runaway inflation. The attacks from Trump raised questions about whether or not Powell would feel compelled to resign.
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