Breakingviews - Powell is best person for finance’s worst job
Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, September 28, 2021. Kevin Dietsch/Pool via REUTERS/File PhotoWASHINGTON, Nov 22 - Jerome Powell’s renomination as chair of the Federal Reserve sets him up for a thankless task. If he moves quickly on raising rates, as traditional inflation measures suggest he ought to, he could cut off job creation, going against his word.
Powell has said he would be patient on rate hikes, and the nomination of dovish Lael Brainard as his vice chair suggests the Fed will stick to that path. Both want to give the labor market more time to heal so that women and minorities benefit
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