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Goldman Sachs on Powell’s appointment


Goldman Sachs on the appointment of Powell as permanent chairman of the Federal Reserve system.

This is not a long note and the part relevant to the policy implications is:

  • President Powell and Governor Brainard have similar views on monetary policy. Both believe that the current rise in inflation reflects transient (but not necessarily short-lived) factors, while stressing that the FOMC would use its tools to preserve price stability if necessary. Powell and Brainard also pointed out that they were considering a wide range of indicators to assess progress against the Fed’s broad and inclusive employment target, although Powell indicated in November that maximum employment could appear different from pre-pandemic conditions.
  • The continuity of the Fed’s leadership likely signals a continuity in the current stance of monetary policy, and we continue to expect take-off shortly after the reduction ends with the first increase in July 2022, the second in November, and a rhythm of two hikes per year thereafter.

Mine daring.

GS adds on the three current vacancies:

  • vice-president of supervision, the open seat of the governor and the seat vacated by Governor Brainard. The White House has indicated that President Biden will make these appointments from early December

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