What has 8 years of Jerome Powell at the head of the Federal Reserve brought us?
Jerome Powell’s tenure as the Chairman of the Federal Reserve is coming to an end after 8 years. What has he left us? To say he has left us a mess would be an understatement. The Fed has lost approximately $240B in the last three years. The Fed has unrealized losses in their bond portfolio around $1T. Inflation remains well above the Fed 2% target. Powell has NEVER brought inflation below 2% in his 8-year tenure. The Fed balance sheet is back up to $6.7T, over 2T higher then when he started as Chairman. Powell drained all the liquidity out of the REPO market by bringing down the Fed’s balance…
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