2019-11-11 • Updated
The current Chair of the Board of Governors of the Federal Reserve is Janet Yellen, but her term expires in February 2018. She will be replaced by a member of the Fed Board of Governors Jerome Powell.
Let’s have a look at his background and main political views.
Jerome Powell was born on February 4, 1953, in Washington, D.C. In 1975 he received a Bachelor of Arts in politics from Princeton University. In 1979 he earned Juris Doctor Degree from Georgetown University Law Center.
Here are the most important steps in Powell’s career.
From 1992 to 1993, Powell became the Under Secretary of the Treasury for Domestic Finance being nominated by George H.W. Bush. He was responsible for policy on financial institutions, the Treasury debt market, and related spheres.
From 1997 to 2005, he was a partner at The Carlyle Group where he founded and led an industrial group. After that, he launched and worked in others private investment firms. However, Powell worked not only in finance, he also served on boards of charitable and educational institutions.
On May 2012 Jerome Powell entered the Federal Reserve System to fill an unexpired term. Then in 2014, he was reappointed for a term ending only in January 2028.
As a member of the Board, Jerome Powell has not declined ideas to raise the federal funds rate. For such decisions, he is seemed to be dovish on monetary policy and would continue the same approach of the relatively low interest rates as a new Chair of Fed. But The Bloomberg Intelligence Fed Spectrometer considers Powel as a neutral politician. However, it is worth to say that Mr. Powell is expected to carry out the same policy as a previous Chair, that will have a good impact on the economy and will not create great changes.
Powell is expected to support Trump’s easing of post-crisis financial regulations. Powell also claimed that higher capital and liquidity requirements and stress tests affect the financial system to making it safer, so they should be preserved. But at the same time, he talked about the re-writing of the Volcker Rules (a federal regulation that prohibits banks from conducting certain investment activities with their own accounts).
In June 2017 Powell announced 5 main objectives and directions of the Fed’s policy:
In conclusion, it can be said that such person as Jerome Powell can continue to improve the economic growth having such a huge experience in investments and finance. Also as it was written above the policy of Powell will be quite similar to the previous Chair policy, it means that the economic situation will be stable and without great shocks that can affect the economy.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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