
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
2019-11-11 • Updated
The current Chair of the Board of Governors of the Federal Reserve is Janet Yellen, but her term expires in February 2018. She will be replaced by a member of the Fed Board of Governors Jerome Powell.
Let’s have a look at his background and main political views.
Jerome Powell was born on February 4, 1953, in Washington, D.C. In 1975 he received a Bachelor of Arts in politics from Princeton University. In 1979 he earned Juris Doctor Degree from Georgetown University Law Center.
Here are the most important steps in Powell’s career.
From 1992 to 1993, Powell became the Under Secretary of the Treasury for Domestic Finance being nominated by George H.W. Bush. He was responsible for policy on financial institutions, the Treasury debt market, and related spheres.
From 1997 to 2005, he was a partner at The Carlyle Group where he founded and led an industrial group. After that, he launched and worked in others private investment firms. However, Powell worked not only in finance, he also served on boards of charitable and educational institutions.
On May 2012 Jerome Powell entered the Federal Reserve System to fill an unexpired term. Then in 2014, he was reappointed for a term ending only in January 2028.
As a member of the Board, Jerome Powell has not declined ideas to raise the federal funds rate. For such decisions, he is seemed to be dovish on monetary policy and would continue the same approach of the relatively low interest rates as a new Chair of Fed. But The Bloomberg Intelligence Fed Spectrometer considers Powel as a neutral politician. However, it is worth to say that Mr. Powell is expected to carry out the same policy as a previous Chair, that will have a good impact on the economy and will not create great changes.
Powell is expected to support Trump’s easing of post-crisis financial regulations. Powell also claimed that higher capital and liquidity requirements and stress tests affect the financial system to making it safer, so they should be preserved. But at the same time, he talked about the re-writing of the Volcker Rules (a federal regulation that prohibits banks from conducting certain investment activities with their own accounts).
In June 2017 Powell announced 5 main objectives and directions of the Fed’s policy:
In conclusion, it can be said that such person as Jerome Powell can continue to improve the economic growth having such a huge experience in investments and finance. Also as it was written above the policy of Powell will be quite similar to the previous Chair policy, it means that the economic situation will be stable and without great shocks that can affect the economy.
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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