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May 19, 2024 3:24 pm

Economists See Few Monetary Policy Changes With Powell Leading Fed

According to leading economists, the appointment of Jerome Powell as the head of the Federal Reserve is unlikely to bring about significant changes to the institution’s monetary policy. Powell, who has been a member of the Federal Reserve’s board of governors since 2012, was appointed by former President Donald Trump to succeed Janet Yellen as Fed Chair in 2018.

Economists say that Powell’s approach to monetary policy is similar to Yellen’s, as both have emphasized the importance of maintaining low inflation and promoting maximum employment. Powell has also been supportive of the Federal Reserve’s gradual approach to raising interest rates, which has been a hallmark of Yellen’s tenure.

Despite his continuity with Yellen’s policies, Powell has faced criticism from some economists for being too cautious in his approach to monetary policy. Some have argued that he should be more aggressive in raising interest rates to prevent inflation from spiraling out of control.

However, most economists believe that Powell will continue to steer a steady course, with a focus on maintaining the stability of the U.S. economy. They note that the Fed has been successful in keeping inflation low and promoting economic growth under Yellen’s leadership, and that Powell is likely to continue this approach.

Overall, economists say that Powell’s appointment is unlikely to bring about any major changes in the Federal Reserve’s monetary policy. However, they note that his leadership style and approach to managing the institution could have an impact on how the Fed communicates with the public and responds to future economic challenges.

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