FED CHAIR GIVES UPDATE AS ELECTION REMAINS UNCERTAIN: Federal Reserve Chair Jerome Powell holds a news conference following the release of their latest policy statement. The conclusion of the central bank’s two-day meeting comes amid the uncertain election results, a looming October jobs report, and a steady increase in new coronavirus cases across the country. Powell is expected to discuss whether the Fed will further intervene to assist the ailing economy, as interest rates have already been cut to near zero and the central bank has continued to implement other lending programs to help protect the nation’s economy and businesses. Over the past few months, Powell has reiterated the calls for an additional coronavirus stimulus package, urging Congress to pass a new relief bill while maintaining that the path towards economic recovery remains uncertain.
Federal Reserve Chairs are ostensibly nonpartisan, but they are nominated by the president. Powell was nominated by Pres. Trump and began his four year term in 2018. Trump has frequently attacked Powell and publicly urged him to implement a negative interest rate. A negative interest rate could greatly benefit someone carrying hundreds of millions of dollars of debt.
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