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Added on the 16/06/2021 20:55:27 - Copyright : AFPTV - First images
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
Former chair of the US Federal Reserve Janet Yellen is on the same page as current Fed chair Jay Powell. Markets Insider reports Yellen echoes Powell, in that the Fed has 'already done a huge amount,' and now it's time for the US Congress to start pulling its weight. While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support. Janet Yellen Former Chair, US Federal Reserve Furthermore, Markets Insider reports Yellen told Bloomberg News she wants to see the US make a 'more effective effort' at fighting the pandemic. After all, she added, Germany, Korea, and China have all been successful in doing so.
Stock market analysts always worry around the time of a Presidential election. The markets can react unpredictably when a certain candidate gets elected. According to Stifel the S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election. Business Insider reports that a note from Stifel says the S&P may fall following this election outcome. With the Republicans in charge hopes of a large fiscal stimulus will fade. Stifel noted that the market has likely discounted a possible Democratic sweep, with an expectation of "big spending" in 2021 and 2022.
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan earlier this month, but Sen. Majority Leader Mitch McConnell (R-Ky.) called the amount 'outlandish.' Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Jay Powell Chair, US Federal Reserve But according to Business Insider, White House economic advisor Larry Kudlow said Sunday that he doesn't agree with that assessment. We are in a strong rebound. Businesses are reopening. We are learning to deal with the virus in a targeted, safe, prevented way. White House Economic Adviser Larry Kudlow Interview, CNN's 'State of the Union'
The US Federal Reserve holds interest rates at a 23-year high. "Today, the FOMC (Federal Open Market Committee) decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings," announces US Fed Chair Jerome Powell. SOUNDBITE
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