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Yellen Confirmed, New Admin, New Challenges For Fed

The Federal Reserve is supposed to be an apolitical agency, but there is little doubt that Federal Reserve Chairman Jay Powell is pleased he will no longer be publicly heckled by a sitting President. However, that doesn’t mean there won’t be any pressure coming at the Fed from 1600 Pennsylvania Avenue, or from the Treasury building that is right next door. In many of his post-pandemic legislative hearings, Powell has been repeatedly asked what the Fed can do about wealth inequality and climate change.

As a nod to both those concerns, the Fed introduced its AIT framework which lets inflation run longer with the hopes that economic gains will be distributed more comprehensively and it has recently joined the Network for Greening the Financial System, (NGFS) which already elicited a hostile response from Congressional Republicans.

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