Jerome Powell remains at the helm of the Federal Reserve for a new term. What does this mean for the cryptocurrency market?
United States President Joe Biden officially appointed Jerome Powell as Chairman of the Federal Reserve, with Dr. Lael Brainard as Vice Chairman. Therefore, Powell will remain in office for 4 more years. As many comments point out, this could test the principles of your anti-inflationary program.
Jerome Powell will remain Fed Chairman for four more years
The president of the United States revealed the nominations yesterday. In justifying Joe Biden’s decision, the White House indicated that the drop in unemployment and the relatively rapid recovery of the US economy had been made possible, among other things, by Powell’s “decisive action”:
“President Powell has demonstrated strong leadership during this unprecedented difficult time, primarily due to the worst economic crisis in modern history and the attacks on the independence of the Federal Reserve. – Can we read in a statement issued by the White House?
“The United States needs stable, independent, and effective leadership from the Federal Reserve to achieve its goals of keeping inflation low and prices stable, and creating a strong job market that delivers broad benefits in the form of more attractive job offers. […]. President Biden has full confidence in the experience, judgment and integrity of Messrs. Powell and Brainard as they carry out their mandate. […]. »
The rising dollar issue
In the aftermath of the pandemic and global lockdowns, Powell’s activities have called for unprecedented government stimulus measures. Under his leadership, 40% of the dollars currently in circulation were printed in the last 12 months. This has contributed greatly to the country’s inflation rate, which reached its highest level in 30 years last month.
Jerome Powell a bitcoin
Last month, Powell confirmed that he has no plans to ban cryptocurrencies. However, he shares the conviction of the president of the Securities and Exchange Commission (SEC).
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