Jerome Powell’s inflation problem to define second term leading Fed
SIMONE DEL ROSARIO: HE WAS CREDITED WITH SAVING MARKETS FROM COLLAPSE WHEN COVID HIT.
JEROME POWELL: we acted forcefully to get our markets working again and as a result market conditions have generally improved.
SIMONE DEL ROSARIO: NOW HE’S BEING BLAMED FOR OVERHEATING THE ECONOMY.
NEWS ANCHOR: you do not leave the spigot open like this for this long
SIMONE DEL ROSARIO: AS FEDERAL RESERVE CHAIR – HE’S ONE OF THE MOST INFLUENTIAL ECONOMIC FORCES IN THE COUNTRY. WHICH MAKES JEROME POWELL JUST ONE NAME YOU NEED TO KNOW.
JEROME POWELL: My duty is one that congress has given us which is to use our tools to achieve maximum employment and stable prices and to supervise and regulate banks so that they treat their customers fairly.
SIMONE DEL ROSARIO: AS CHIEF OF THE NATION’S MONETARY POLICY – IT’S A TOUGH GIG ON A GOOD DAY. ON A BAD DAY, HOW POWELL AND THE FED RESPONDED – MADE HISTORY.
NEWS ANCHOR: in a historic unprecedented move the federal reserve announcing at this time programs to pump about 2.3 trillion dollars into the economy.
SIMONE DEL ROSARIO: AFTER CUTTING INTEREST RATES TO NEAR ZERO AND BUYING TRILLIONS IN BONDS TO STIMULATE LENDING, JEROME POWELL GAINED A NEW ONLINE REPUTATION, J-POW.
THE MEMES WENT FOR MILES AS WALL STREET GOT RICH, MORE THAN RECOVERING FROM THE DEPTHS OF THE PANDEMIC.
JEROME POWELL: we’re trying to get help quickly to the economy as it’s needed. one thing i don’t worry about is inflation right now.
SIMONE DEL ROSARIO: NO, THAT WOULD BE LATER. WITH INFLATION IN LATE 2021 REACHING ITS HIGHEST LEVEL IN NEARLY 40 YEARS.
NEWS ANCHOR: are folks being too hard on jay powell? No, jay powell, he’s on my naughty list.
SIMONE DEL ROSARIO: POWELL DREW IRE FROM ALL DIRECTIONS OVER CALLING PERSISTENT INFLATION LEVELS TRANSITORY.
MOHAMED EL-ERIAN: the characterization of inflation as transitory is probably the worst inflation call in the history of the federal reserve
THE REPUBLICAN, FIRST TAPPED BY THEN-PRESIDENT DONALD TRUMP TO BE THE 16TH FED CHIEF IN HISTORY – WAS RENOMINATED BY DEMOCRATIC PRESIDENT JOE BIDEN IN 2021. A MOVE SOME ON THE LEFT DENOUNCED.
SENATOR ELIZABETH WARREN: you have acted to make our banking system less safe and that makes you a dangerous man to head up the fed.
SIMONE DEL ROSARIO: HE’S BEEN IN THE RING WITH THE RIGHT TOO, IN A HIGH PROFILE SPARRING WITH TRUMP OVER INTEREST RATES.
FORMER PRESIDENT DONALD TRUMP: do i want him to resign let me put it this way if he did i wouldn’t stop him
SIMONE DEL ROSARIO: SPOILER ALERT: HE DIDN’T. FROM SENATE TO REDDIT TO WALL STREET, POWELL IS PRETTY WELL LIKED WHERE HE IS. BUT THAT REPUTATION RIDES ON HIS ABILITY TO CURB INFLATION AND HOW THE STOCK MARKET RESPONDS.
WITH ANOTHER FOUR YEAR TERM TO SHAPE THE COUNTRY’S ECONOMY, JEROME POWELL IS JUST ONE NAME YOU NEED TO KNOW.