Source: Economics Group of Wells Fargo Bank, N.A.
Powell’s Final Act
- Jerome Powell’s eight-year tenure as Chair of the Federal Reserve is coming to a close during a period of intense pressure on the U.S. central bank and divided views among policymakers about the appropriate stance of monetary policy. What can we expect from Powell’s final act as Chair against this backdrop?
- The labor market remains modestly on the wrong side of full employment. Private sector job growth has been near zero in recent months, and while the unemployment rate ticked down in December, it remains above most estimates of the longer run, natural rate.