Biden resists pressure from Left and re-nominates Powell
Decision driven in part by his recognition that an attempt to rock the boat of the central bank would only produce a sense of uncertainty in the financial markets and add to economic instability.
Add BT as a preferred source
FOR most of his very long career in Washington - including as senator and as vice-president - US President Joe Biden was regarded as a proud member of the political centre, a moderate Democrat who among other things supported the pro-free-market policies of former president Bill Clinton and Federal Reserve chairman Alan Greenspan.
So much so that Biden was elected as president last November after promising to continue pursuing this middle-of-the-road political and economic agenda.
But since entering the White House, a new narrative has been evolving. The 46th US president seemed to be tilting to the political left, advancing what was perhaps the largest government spending programme in American history. It would involve massive wealth distribution and taking over more sectors of the American economy, imposing new taxes on large corporations, and nominating economic officials who have pledged to break up the big high-tech companies.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
