Stung by Trump, Fed chief gets fresh start with Biden
By Sylvan Lane
Federal Reserve Chairman Jerome Powell may finally catch a break from White House pressure and major disputes with the administration when President-elect Joe Biden takes over in January.
President Trump picked Powell to be the Fed chief, but then spent most of the next three years criticizing his policies while nominating loyalists to the board who could be chosen to replace him as soon as possible…Karen Shaw Petrou, managing partner of Federal Financial Analytics, said Yellen will take pains to avoid overstepping the wall of independence between Treasury and the Fed. “However, when those monetary policy decisions raise fiscal policy concerns and broader macroeconomic ones, surely she will be asked about them and then I think we will see her strongly defending the Fed,” she said.