AOC and other progressives call for Biden to replace Powell as Fed chair

MarketWatch/Mike Murphy

Repost from 9-3-2021

photo showing Jerome Powell and Lael Brainard during Fed Board of Governors meeting“A group of progressive House Democrats, including Rep. Alexandria Ocasio-Cortez of New York, on Monday called for President Joe Biden to replace Fed Chairman Jerome Powell when his term expires in February.”

USAGOLD note: Powell, a Republican, remains the favorite especially since he has proven himself particularly in tune with the Biden agenda. Lael Brainard, however, lurks in the background as a very dovish alternative. InTouch Capital Markets rates her the second most dovish member of the FOMC behind Neel Kashkari. Powell, though rated a dove, is more toward the middle of the pack. Time will tell if the Biden administration is willing to pass on the opportunity to appoint a lifelong Democrat who leans in the direction of the progressives or stick with the more centrist Mr. Powell.

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