Powell Threads His Way Through Macro, Monetary, Regulatory Challenges
Most of the news at today’s Senate Banking hearing revolves around Chairman Powell’s concession that inflation may not be transitory and economic growth is now so robust that quantitative tightening might proceed more quickly than planned, pandemic permitting. Mr. Powell was pressed on this dramatic turn-around, but none of the questioning appears to dim his chances for rapid confirmation. Secretary Yellen focused her comments on fiscal stimulus and the debt ceiling. In this report, we analyze in depth financial-policy issues, addressing issues such as CBDC, stablecoin, LIBOR transition, and economic inequality.