8.7 C
New York
Sunday 5 December 2021

Buy now


HomeEconomyUS Senate confirms Powell as next Fed chairman

US Senate confirms Powell as next Fed chairman


Washington: The United States Senate on Tuesday confirmed Jerome H Powell as the next chairman of the Federal Reserve, a powerful post having an influence on the global economy.

Powell (64) will replace Janet Yellen, whose term ends in February.

He was confirmed by the US Senate by an overwhelming vote of 84-12.

Currently, a Fed and former financial-firm executive, Powell is expected to mostly continue with Yellen’s policies.

The Wall Street Journal said Powell inherits an economy on the upswing fuelled by a booming labour market and strong global growth.

“His task will be to sustain the economy’s expansion without letting it pick up so much momentum that the Fed would be forced to cool it off with sharp rate increases, risking a downturn,” it reported.

According to The Washington Post, Powell will oversee an economy in which unemployment is at 4.1%, job growth steady but unspectacular and inflation at or below the Fed’s targets.

“The economy, however, faces persistent and growing inequality, and workers have seen only limited wage gains during the long, slow recovery from the Great Recession,” it said.

Several lawmakers, however, expressed concern over Powell taking over as the next Fed chairman.

“I’m deeply concerned that as soon as unpacks his boxes in the Chairman’s office, he will begin weakening the new rules Congress and the Fed put in place after the 2008 financial crisis,” Democratic Senator Elizabeth Warren said on the Senate Floor.

“We need someone who believes in tougher rules for banks not weaker ones. That person is not Governor,” she said.



Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Support pro-India journalism by donating

via UPI to surajit.dasgupta@icici or

via PayTM to 9650444033@paytm

via Phone Pe to 9650444033@ibl

via Google Pay to dasgupta.surajit@okicici

Shelby Hoefling surprised her 96-year-old grandma, Patricia, with a trip to New York City and tickets to see the Rockettes. Here's how she reacted. https://cnn.it/3pqwo0y

Russian President Vladimir Putin to visit India on 6th Dec for 21st India-Russia Annual Summit


All-Karnataka United Christian Forum for Human Rights held a peace assembly in Bengaluru on Saturday to oppose the proposed anti-conversion Bill

"I request Karnataka Govt to withdraw this bill. If not, it will have a far-reaching impact," said Bengaluru Archbishop Peter Machado

Read further:

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -



%d bloggers like this: