Jerome Powell begins his second term at the Federal Reserve

head Reserva Federal, Jerome PowellOn Monday, he was sworn in for a second four-year term as head of the US central bank, the body said in a statement.

Lyle Brainard was also sworn in on Monday as the new Deputy Prime Minister Federal Reserve (Federal Reserve), and the two newest members of the Central Bank’s Board of Governors, Philip Jefferson and Lisa Cook, both black economists.

Cook is the first black woman to serve on the Federal Reserve Board. This is also the first time Federal Reserve It will have more than one black monetary policy maker at the same time.

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Jerome Powell
The other members mean that six of the seven seats on the Fed’s board were filled just weeks before the central bank’s monetary policy meeting on June 14-15, at which the benchmark interest rate is expected to rise. A time when it struggled with inflation soaring to its highest level in 40 years.

Inflation is Jerome Powell’s biggest challenge

Last Friday, May 20, Chief Federal Reserve From St. Louis, James Bullard reiterated his view that the US central bank should raise the benchmark interest rate to 3.5% this year to contain rapidly rising inflation.

“As long as we can be bolder in controlling inflation expectations and inflation, we will be better off,” Pollard said in an interview.

“In the next few years, 2023 or 2024, we can start lowering the rate of monetary policy because we will master inflation,” said the official from the State Department. Federal Reserve.

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In addition, last Thursday, the president of Banco de la Federal Reserve From Minneapolis, Neil Kashkari, noted that with household finance in the US in some cases better than it was before the Covid-19 pandemic, the Fed may end up raising interest rates further to control inflation.

With information from Reuters

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