The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact Trump’s massive tariffs had on inflation.
The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact Trump’s massive tariffs had on inflation.
The Federal Open Market Committee has 12 members. Jerome Powell has one vote; the board of governors have 7 votes. Jerome Powell announces and explains the decisions of the committee to the public, but it is insane to imagine that he is making those decisions alone without the backing of a majority of the committee.
Quiet. Don’t tell them. Powell will be okay if he takes the fall. The rest of us might not be, because if he picks off one, he can pick off more.