Fed Chair Powell’s August was comparatively calm: calendar

In this news, we discuss the Fed Chair Powell’s August was comparatively calm: calendar.

(Reuters) – The US economy has not returned to normal, but the daily agenda of Federal Reserve Chairman Jerome Powell is getting there.

In August, for the first time since the crisis, Powell was not working weekends, his schedule released Friday showed.

He has only had five calls with Treasury Secretary Steven Mnuchin, fewer than every month since March, when the pandemic exploded in the United States. The two have worked closely together to launch more than a dozen emergency loans, the latest of which, aimed at medium-sized businesses, was launched in late July.

And Powell spoke to lawmakers eight times that month, up from five times in July, but still far less than in the turbulent early months of the crisis, and less than the same month in 2019 and 2018.

Powell has made outreach to senators and congressmen a key aspect of his tenure, perhaps one of the reasons lawmakers have publicly expressed far less concern about the Fed’s aggressive political action during this crisis. than in the last.

At the end of August, the Fed announced a major shift in strategy, promising not to respond to falling unemployment by raising interest rates unless inflation is clearly on the rise.

One aspect of Powell’s timeline remains very different from the pre-crisis days – almost all interaction is by phone or computer, and he doesn’t travel.

Report by Ann Saphir; Editing by Andrea Ricci

Original © Thomson Reuters

Originally posted 2020-10-05 02:26:10.

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