image credit: Pxhere

Jerome Powell Will Face a Very Different Economy in a Second Term

November 22, 2021


Over his first term in office, Jerome Powell became arguably the most dovish chairman in the Federal Reserve’s modern history, giving priority to full employment in an era in which inflation seemed extinct. In his second term, he may have to execute the reverse: giving priority to inflation at the risk of sacrificing jobs.

The pivot could be painful for both Mr. Powell and President Biden. On Monday, Mr. Biden praised Mr. Powell for his commitment to “maximum employment” so that “American workers get steady wage increases after decades of stagnation, and…the benefits of economic growth are broadly shared.”

Read More on The Wall Street Journal