Federal Reserve Board chair Jerome Powell speaks at the South Court Auditorium of the Eisenhower Executive Office Building in Washington after US President Joe Biden nominated him to retain his post on November 22. Photo: AFP
Federal Reserve Board chair Jerome Powell speaks at the South Court Auditorium of the Eisenhower Executive Office Building in Washington after US President Joe Biden nominated him to retain his post on November 22. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Inflation, politics leave Powell’s Fed between a rock and a hard place

  • Jerome Powell is far from a dangerous man, but the Fed is in a dangerous position as he prepares to start his second term as chairman
  • The outlook for inflation and growth is so uncertain that a stronger tilt towards tighter policy poses just as big a risk as the continuation of the Fed’s patient approach to removing stimulus

Federal Reserve Board chair Jerome Powell speaks at the South Court Auditorium of the Eisenhower Executive Office Building in Washington after US President Joe Biden nominated him to retain his post on November 22. Photo: AFP
Federal Reserve Board chair Jerome Powell speaks at the South Court Auditorium of the Eisenhower Executive Office Building in Washington after US President Joe Biden nominated him to retain his post on November 22. Photo: AFP
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