Reuters/Howard Schneider/11-10-2020
“But over his first year in office Biden will have to decide how deep an imprint he wants to put on the U.S. central bank, and particularly whether Fed Chair Jerome Powell’s push this year to refocus it on job growth has earned enough credibility among Democrats to be reappointed.”
USAGOLD note: With most of the pressure on Biden coming from his party’s left, it would be a profile in courage for Powell (and the FOMC) to tilt hawkish. Then again, with economic prospects being what they are, it will not be difficult to justify a continuation of the extreme dovish policies we have now. This article offers some solid background on what might be developing in the background with respect to where the Fed might be headed under a Biden administration. All of this, by the way, accrues as a positive for gold in the months ahead.
