Powell possibly influenced the election just enough. This election's comey

[Iwasthere]

I hope I'm wrong. He could have easily turned the economy just by staying vaque.The markets were heading up right until he say "we've got a long way to go". He did his job (or made an attempt), to influence just enough races for the Rs He has the power to affect global economy. He must go imo [link:https://www.cnn.com/2022/11/02/business/nightcap-fed-rate-hike/index.html|

[Joinfortmill]

1. My thought, too.

[brooklynite]

2. "He did his job (or made an attempt), to influence just enough races for the Rs"

Powell was renominated for a second term by President Joe Biden on November 22, 2021.

[Karma13612]

3. With any "luck"*

The Dow will be back to 30,000 by next Tuesday. Just in time to piss off voters. It was nearly 33,000 a couple days ago and I was beginning to feel calm again.

*as in BAD BAD luck

Dammit.

[ProudMNDemocrat]

4. As our Financial Planner put it yesterday....

"The Market was due for an adjustment. "

Being way up there was not steady as far as he was concerned, but he sees a more consistent steadiness after the New Year in the 29,000 to 31,000 range. He did mention a short recession of less than 7 months. Not like the last one of late 2007 to mid 2009. He also stated that the US was still in far better shape Economically/Financially than the rest of the world despite the current inflation rate GDP growth. As well as that the US was still a good place in which to invest money.

Let us hope he is correct. With the manufacturing of needed micro chips in the US on the horizon, and perhaps other manufacturing, the Markets will regain that steadiness that makes the US a good "investment bet."

[Beautiful Disaster]

5. It's not his job to consider any impact his decisions will have on an election.

What he's doing is trying to get inflation under control. That just doesn't go away because we have an election coming up. In fact, he probably should have raised interest rates earlier.

[Iwasthere]

6. Exactly!

If he would have started raising rates much much sooner, IT WOULD HAVE WORKED! It's too late now.

[Beautiful Disaster]

7. It's not too late at all.

Not raising interest rates will turn the US into Turkey.

I'll be honest: I'm glad none of you are in charge of the economy or we'd be so royally fucked.

[TheRealNorth]

10. I think the Fed is driving us right into stagflation...

[Beautiful Disaster]

11. Doubtful.

The Fed has attempted to let inflation correct itself and it hasn't. Inflation is still extremely high. It's not sustainable.

Stagflation is probably the outcome of inaction.

[TheRealNorth]

14. Explain how that works?

Because if you have falling production because people are being laid off without a change in the money supply, what is left being produced is going to cost more due to an increase in scarcity. While you can say that some items will drop in price because they are not necessities, what we have been seeing is a rising cost of all necessities already.

[Beautiful Disaster]

15. Easy. To have stagflation, you have to have high inflation.

Raising interest rates will lower inflation. It's basic economics. Eventually, doing nothing with inflation is going to result in low growth, high unemployment and a continued level of high inflation.

We've attempted to see if it'll correct itself. Clearly it's not. It's not sustainable and will directly lead to stagflation as the economy struggles to run red hot like it has for the last two years.

[Fiendish Thingy]

8. Absolutely no evidence that Powell was acting to influence the elections

And Fed votes as a board, not one individual, so you’d have to prove that each member was in the tank for the GOP.

On the other hand, there is plenty of economic evidence to justify the Fed’s rate hikes, regardless of whether it’s an election year- the debate is over the size and speed of the hikes. Most economists feel the Fed waited too long (up to a year too long) to begin hiking, which is why the hikes have been larger and more frequent than typical.

If you’re looking for this cycle’s Comey, it’s not Powell, it’s Saudi Arabia (and the media for ignoring corporate price gouging as the primary cause of inflation).

[Iwasthere]

12. So you don't believe his carefully crafted words had any impact?

Comey BS coming out days before the election was just enough to sway some away from Hillary Clinton. The markets dumping could be just enough to keep or get the Rs in. Did you read link in my OP?

[Fiendish Thingy]

13. Nope. No evidence to support that perspective

The Fed has a meeting schedule regardless of elections, and acts based on economic fundamentals, not politics. Powell’s “carefully crafted words” are designed to inform and reassure the markets, not to sway voters.

[Indykatie]

9. Are Regular Voters Keyed into Interest Rate Hikes? I Am But No One Else in my Dem Circle Is.