It is still unclear how history will view Jerome Powell’s first term at the Fed
, the incumbent chairman whose term expires in February, lies in President Joe Biden’s hands. It is unclear how history will view Mr Powell’s first term. Before the pandemic, his loose monetary policy helped unemployment reach historic lows without provoking inflation.
In addition, the new inflation target, though desirable in theory, remains vague and poorly understood in practice. And the central bank is persisting with $120bn per month of quantitative easing , the buying of bonds with newly created money. Today’sis unlikely to benefit the economy directly, but it creates hidden financial risks for taxpayers, because it involves the Fed, which they underwrite, issuing short-term reserves to buy long-term bonds.
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