New Chair Takes Seat as Government Borrowing, Spending Skyrocket Jerome “Jay” Powell took the reins of the United States Federal Reserve today, pledging continuity and transparency from the central bank in the wake of continuing good economic performance. After being sworn in, he stressed that monetary policy under his watch would support the nation’s favorably low levels of unemployment and inflation, while remaining vigilant in response to “evolving risks”. The final week of outgoing Chair Janet Yellen’s tenure provided notable examples of such risks, as we shall see below. The price of gold bumped up $5 per ounce in morning trading while world stock markets fell for a fifth time in the past six days. The Federal Open Market Committee (FOMC) has an interest rate increase on the docket for next month and two more in the forecast drawn up for 2018 under Yellen’s leadership. Despite Mr. Powell’s assurances that he’d continue the Yellen legacy of gradual increases, rece...
from GoldBroker.com https://www.goldbroker.com/news/jerome-powell-era-begins-at-fed-1262
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