Key Takeaways

  • Congress out for Memorial Day break.
  • Powell to White House for Tuesday meeting.
  • Fed FOMC meeting approaches June 14-15, 50bps hike seems most likely.
  • Will new Governors have any impact?
  • Biden meets with leaders of Japan, India and Australia to explore trade partnership.
  • Did Georgia primary impact Trump’s role in Republican Party?


The White House has announced that President Biden will meet today with Fed Chair Jay Powell. It is not that unusual for the  President  and Fed Chair  to talk,  and Biden has  made clear he will not try to jawbone Powell on policy. The Fed Chair and Treasury Secretary meet regularly, and this has been true for Powell and Yellen.

I worked with Jay Powell when he served in Bush 41 Treasury and he was widely viewed as a strong policy person with experience on Wall Street. It is this solid respect that had him nominated by both Trump and Biden, and awarded him the praise he won during the pandemic.

The White House meeting occurs as the Fed’s Federal Open Markets Committee (FOMC) prepares to meet again on June 14-15.

A month ago, there was talk as to whether the FOMC would put its foot on the rate accelerator and move rates up 75bps, but at the press briefing after the May meeting Ch...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free