Government
An explanation of the duties and responsibilities of the Chair of the Federal Re
Tasked with executing the mandates of the United States Federal Reserve, many consider the Fed Chair to be one of the most powerful people in America,…
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Wysiati from Getty Images Signature; Canva
What is a Fed Chair?
The central bank of the United States is the Federal Reserve. Mandated by the Federal Reserve Act of 1913 and universally known as “the Fed,” its main job is to promote stable prices and maximum employment for the American people. It accomplishes this by setting and managing monetary policies and conducting open market operations.
The chief executive officer of the Federal Reserve is known as the Fed Chair. The Fed Chair is the agency’s most well-known personality; theirs is its face to the public.
In order to understand the breadth of the Fed Chair’s powers, one must first understand how the Fed is structured:
- The Board of Governors is the Fed’s governing body. It sets reserve requirements and manages the emergency lending facility known as the discount window.
- The 12 Federal Reserve Banks conduct the country’s day-to-day fiscal operations, such as printing currency, making loans, and reporting critical economic information to the Board of Governors, which uses it to craft policy.
- The Federal Open Market Committee (FOMC) raises, lowers, or maintains the Fed funds rate, which is the basis for prevailing interest rates in America. It also buys and sells Treasury securities through open market operations.
As the leader of the Federal Reserve, the Fed Chair serves as the head of the Board of Governors and chairs the Federal Open Market Committee. They are appointed to a four-year term by the President of the United States and confirmed by the U.S. Senate. The Fed Chair, as well as the two Vice Chairs, must be chosen from among the Board of Governors.
What does the Fed Chair do?
The Fed Chair’s job is to manage all aspects of Federal Reserve operations. They also report twice a year to Congress on the state of the country's monetary policies, as well as hold regular meetings with the Secretary of the Treasury. They also conduct press conferences in which they relay policy decisions to the general public—such as whether to increase, decrease, or maintain the Fed funds rate in order to keep the economy strong.
While these decisions—especially rate hikes—can often prove unpopular, there has never been a Fed Chair who has been fired, although it is possible for them to be impeached.
Who is the current Fed Chair?
Jerome “Jay” Powell is the current Fed Chair. He was appointed by President Donald Trump on February 5, 2018, and his term runs through May 2026.
What time does the Fed Chair speak?
Every six weeks, the Federal Open Market Committee meets to discuss prevailing financial and economic conditions and determine its monetary policy decisions. These meetings are not open to the public, but the Fed Chair does hold a live press conference after policy decisions are released. Once per quarter, they also discuss a summary of economic projections.
Here are some upcoming Fed chair speaking dates:
- September 20, 2023
- November 1, 2023
- December 13, 2023
- January 31, 2024
- March 20, 2024
- May 1, 2024
These press conferences usually take place at 2:30 PM ET and can be accessed via the Federal Reserve’s website or Youtube channel.
Who were the last 3 Fed Chairs?
The Fed Chairs who served prior to Jerome Powell were:
- Janet Yellen (Feb 4, 2014–Feb 3, 2018), who championed the Federal Reserve through the longest bull market in U.S. history
- Ben Bernanke (February 1, 2006–January 31, 2014), who was best known for steering the American economy through the Financial Crisis of 2007–2008
- Alan Greenspan (August 11, 1987–January 31, 2006), who promoted stability on Wall Street after the stock market crash of 1987 by reducing interest rates and increasing Fed decision-making transparency
Who was the best Fed Chair?
According to U.S. News & World Report, which ranked Fed Chairs based on stock market performance by annualized inflation-adjusted returns since the Federal Reserve began, the most successful Fed Chairs were:
| Fed Chair | Timeframe | Market Performance |
|---|---|---|
Daniel R. Crissinger | 1923–1927 | +17.2% |
Janet Yellen | 2014–2018 | +11.9% |
Paul Volcker | 1979–1987 | +11.9% |
How much is the Fed Chair paid?
According to the Office of Personnel Management, the Fed Chair makes a salary of $226,300 per year, and their reappointment is contingent on both Presidential and Congressional approval.
treasury securities monetary policy fomc open market committee fed federal reserve congress senate trump interest rates
Government
Low Iron Levels In Blood Could Trigger Long COVID: Study
Low Iron Levels In Blood Could Trigger Long COVID: Study
Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate…
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Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.
A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.
Long COVID Patients Have Low Iron Levels
Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.
In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.
According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.
But it can jeopardize a person’s recovery.
“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”
The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.
“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”
The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.
1 in 5 Still Affected by Long COVID
COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.
Government
Walmart joins Costco in sharing key pricing news
The massive retailers have both shared information that some retailers keep very close to the vest.
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As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters.
The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.
The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.
Related: Popular mall retailer shuts down abruptly after bankruptcy filing
It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.
You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.
Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.
However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.
Image source: Joe Raedle/Getty Images
Walmart sees lower prices
McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.
During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.
"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.
He was specific about where the chain has seen prices go down.
"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."
McMillon said that in other areas prices were still up but have been falling.
"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.
Costco sees almost no inflation impact
McMillon avoided the word inflation in his comments. Costco (COST) Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.
The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.
"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.
Galanti made clear that inflation (and even deflation) varied by category.
"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.
bankruptcy pandemic trumpGovernment
Walmart has really good news for shoppers (and Joe Biden)
The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.
Share this:
As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters.
The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.
The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.
Related: Popular mall retailer shuts down abruptly after bankruptcy filing
It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.
You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.
Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.
However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.
Image source: Joe Raedle/Getty Images
Walmart sees lower prices
McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.
During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.
"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.
He was specific about where the chain has seen prices go down.
"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."
McMillon said that in other areas prices were still up but have been falling.
"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.
Costco sees almost no inflation impact
McMillon avoided the word inflation in his comments. Costco (COST) Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.
The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.
"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.
Galanti made clear that inflation (and even deflation) varied by category.
"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.
bankruptcy pandemic trump
When Military Rule Supplants Democracy
The Digest #187
Redefining Poverty: Towards a Transpartisan Approach
Students lose out as cities and states give billions in property tax breaks to businesses − draining school budgets and especially hurting the poorest students
Is the United States overestimating China’s power?
Biden to call for first-time homebuyer tax credit, construction of 2 million homes
GBPINR: Analysis and Projections for 2024
Low Iron Levels In Blood Could Trigger Long COVID: Study
Biden defends immigration policy during State of the Union, blaming Republicans in Congress for refusing to act
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