The Federal Reserve’s Strange Case of Dr. Janet and Chairman Jay

Bloomberg - 02-08

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Federal Reserve Chairman Jerome Powell has just finished his first year on the job—marking the fifth year of what could be called the Yellen-Powell Fed. Together with predecessor Janet Yellen, Powell has presided over the slowest rate-hiking cycle the U.S. has ever seen. Their patience might just deliver that most elusive of goals of central bankers: bringing a hot economy into a “soft landing,” tamping down nascent inflation while avoiding a recession.