The new Powell doctrine
The Fed has taken a bold gamble under Jerome Powell. Will he get to see it through?
NO ONE CAN accuse him of inconsistency. Over the past year Jerome Powell, chairman of the Federal Reserve, has again and again used the same phrasing to kick off his press conferences after it sets interest rates. “Good afternoon. At the Federal Reserve, we are strongly committed to achieving the monetary-policy goals that Congress has given us: maximum employment and price stability.” It may not set pulses racing. But that is just how Mr Powell wants it: a projection of control, in terms any schoolchild can understand.
This article appeared in the Finance & economics section of the print edition under the headline “The new Powell doctrine”
Finance & economics August 28th 2021
- The new Powell doctrine
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From the August 28th 2021 edition
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