“President Biden is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, to serve as the Federal Reserve’s top banking regulator,” the Wall Street Journal reports.
Stock Futures Drop on Concerns Over New Variant
“Stocks, oil prices and government-bond yields slumped after South Africa raised the alarm over a fast-spreading strain of the coronavirus, triggering concern that travel restrictions and other curbs will spoil the global economy’s recovery,” the Wall Street Journal reports.
CNBC: “The downward moves came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious Delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines.”
Biden Taps Powell for New Term as Fed Chairman
“President Biden is set to nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, the White House said Monday, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change,” the Wall Street Journal reports.
“Mr. Biden will also nominate Fed governor Lael Brainard as vice chair of the central bank’s board of governors.”
Biden Nears Endgame on Fed Chair Decision
“President Biden faces one of the most important economic policy decisions of his presidency, which is expected this week, when deciding who should lead the Federal Reserve when Chairman Jerome Powell’s term expires in February,” the Wall Street Journal reports.
“Mr. Biden has signaled he is looking for continuity in Fed policy because he is considering whether to reappoint Mr. Powell for a second four-year term or elevate governor Lael Brainard, who has strongly backed the central bank’s interest rate policy over the past four years.”
“Instead, the president’s choice may turn on politics rather than economics, because Mr. Powell’s candidacy has divided progressive Democrats and led to competing views inside the Biden administration.”
Biden Interviewed Lael Brainard for Fed Chair
“Federal Reserve Governor Lael Brainard was interviewed for the top job at the U.S. central bank when she visited the White House last week, signaling that Chair Jerome Powell has a serious rival as President Joe Biden considers who will lead the Fed for the next four years,” Bloomberg reports.
Fed Governor Will Resign at End of Year
“Federal Reserve governor Randal Quarles said Monday he would resign his position around the end of this year,” the Wall Street Journal reports.
“Mr. Quarles’s resignation will open up another seat for President Biden to fill on the central bank’s seven-member board of governors.”
Fed’s Powell and Brainard Met With Biden
“President Biden held separate meetings with Federal Reserve Chairman Jerome Powell and Fed governor Lael Brainard at the White House on Thursday,” the Wall Street Journal reports.
“The people said Mr. Biden hasn’t yet made a final decision on whom he will tap to lead the central bank, but he is expected to decide soon.”
Fed Prepares to Start Tapering
“The Federal Reserve will announce at its meeting this week a scaling back of its enormous pandemic-related stimulus program amid uncertainty over persistent inflationary pressures and whether the US central bank will need to raise interest rates sooner than expected,” the Financial Times reports.
Fed Moves to Restrict Officials’ Investment Activities
“The Federal Reserve will bar senior officials from purchasing individual securities and restrict investment activities to broad-based products such as mutual funds, following disclosures that last month that resulted in the resignations of two reserve bank presidents,” the Wall Street Journal reports.
“The Fed said Thursday the new rules would apply to the system’s 12 reserve bank presidents and the seven governors on the central bank’s Washington-based board.”
Trading Furor Complicates Biden Decision on Fed Chair
“Federal Reserve Chairman Jerome Powell’s chances for a second term leading the central bank so far have been dented but not derailed by a reputational crisis over stock-trading disclosures by senior officials” the Wall Street Journal reports.
“Mr. Powell, a Republican, has been the front-runner to keep the job when his term expires early next year. But questionable trading activities by two Fed bank presidents cast a cloud over his prospects by giving a vocal minority of Democrats who already opposed his nomination new grounds to call for his replacement.”
Rating Agency Says U.S. Will Avoid Default
“Moody’s Investors Service said on Tuesday the stable outlook on the United States’ Aaa rating reflects its view that the country would raise its debt limit and continue to meet its debt service obligations in full and on time,” Reuters reports.
Punchbowl News: “There seems to be some theory floating around the Capitol that tomorrow’s procedural vote will help clarify this process, a bit. The cloture vote will fail — no surprises here. But Republicans seem convinced that it will help Schumer and the Democratic leadership push their rank-and-file senators toward reconciliation afterward. We will see in the coming days whether that’s the case.”
The GOP’s Fed Warning
“Senate Republicans are warning President Biden not to nominate Lael Brainard, currently a Fed governor, to replace Federal Reserve Chair Jerome Powell — hinting she could face a difficult confirmation process,” Axios reports.
JP Morgan Preparing for ‘Catastrophic’ Debt Default
JPMorgan Chase CEO Jamie Dimon told Reuters that the investment bank has started to prepare for a “potentially catastrophic” situation should the United States default on the national debt.
Fed Could Be Forced to Revisit Emergency Playbook
“A crisis-management playbook Federal Reserve officials created years ago could guide their response this fall if the federal government can’t pay all its bills because of a political standoff over raising the federal debt limit,” the Wall Street Journal reports.
“The options include the Fed buying Treasury securities in default on the open market and selling Treasurys owned by the Fed to counteract potentially severe strains in financial markets.”
China Declares Cryptocurrency Transactions Illegal
“China’s central bank said all cryptocurrency-related transactions are illegal, reinforcing the country’s tough stance against digital rivals to government-issued money,” the Wall Street Journal reports.
Fed May Start Raising Interest Rates Next Year
“Federal Reserve officials indicated on Wednesday that they expected to soon slow the asset purchases they have been using to support the economy and predicted that they might raise interest rates next year, signs that policymakers are preparing to pivot away from full-blast monetary help as the business environment snaps back from the pandemic shock,” the New York Times reports.
Foreign Investors Prop Up Treasury Market
“Foreign investors cannot get enough US government debt, which analysts say could help soften the blow when the Federal Reserve starts to cut back its own bond-buying program this year,” the Financial Times reports.
Powell Orders Ethics Review at Fed
“Federal Reserve Chairman Jerome Powell has directed staff to review the central bank’s ethics rules around appropriate financial activities after filings showed a senior central bank official made multiple multimillion-dollar stock trades in 2020, while others held significant investments,” CNBC reports.
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