U.S. President Joe Biden's decision to reappoint Federal Reserve Chair Jerome Powell arrives at a critical juncture for the central bank.
If confirmed by the Senate, Powell will stay at the helm of the Fed as it charts forward a path for monetary policy that manages to both control the highest inflation in decades without halting the labor market recovery before millions of unemployed Americans can benefit.
But Powell may have trouble with that promise depending on what happens with inflation. While many Fed policymakers believe the current burst of above-2% inflation is temporary, some say the Fed may need to raise rates sooner than expected next year to stifle the price increases. That could lead the central bank to slow the economy before all would-be workers can get a job.
"Financial regulation in my view is number two on the agenda, and especially continuing to deal with the issue of containing financial risk in an environment of historically low interest rates," said David Wilcox, a former top economist at the Fed and currently a senior fellow at the Peterson Institute for International Economics.
China and other countries are already issuing their own digital currencies, as are private companies such as Amazon.com Inc The Fed created two internal panels last year, one focused on climate-related risks at individual banks, and the other on system-wide threats. It also became the last major central bank to join the Network for Greening the Financial System, which develops recommendations for central banks to respond to climate change.
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