Central bankers are spooked by signs that inflation is lingering for longer

Bloomberg/Shelly Hagan/10-9-2021

Artist rendering of two doves, Asian motif“But the forecasts — displayed as anonymous dots on a chart — can be affected by shifts in personnel. In addition to Powell’s chairmanship, President Joe Biden has the chance to pick three other governors on the seven-seat Board in Washington. A decision on the chair is expected this fall.”

USAGOLD note: This article is of value to gold investors on several different levels having to do with the politics of central banking. Some might quarrel with our use of the word “politics” with reference to central banking, but it has become apparent that it now plays a direct role in monetary policy. The Biden administration has some major decisions ahead of it in that regard – decisions that could radically alter the already dovish course of the Federal Reserve with an even more dovish tilt. (In addition to appointments listed above, it will also be choosing replacements for Robert Kaplan and Eric Rosengren, “two of the most hawkish” regional Fed presidents.)

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