Despite his shortcomings, Jerome Powell should be reappointed Fed chairman
It would be a bad time to cast any doubt on the Fed’s independence
WHEN NOMINATING the chairman of the Federal Reserve, America’s president picks the person who wields the greatest immediate power over the global economy. Fed leadership brings with it control over American interest rates, responsibility for an $8.3trn balance-sheet and the obligation to regulate the world’s most important banks. A mistake in the Eccles building can throw millions out of work, roil global markets or unleash inflation. The Fed even props up offshore financial markets by offering foreign central banks a ready supply of dollars.
This article appeared in the Leaders section of the print edition under the headline “The Powell punt”
Leaders August 28th 2021
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- Despite his shortcomings, Jerome Powell should be reappointed Fed chairman
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From the August 28th 2021 edition
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