Recently, though, blockchain has been getting a lot of mainstream attention for possible applications well outside of bitcoin, including several articles over the last few years in the Economist. (A Google search of "bitcoin" and "dark web" generates 2.7 million hits.) I suspect that most people in government who have heard of blockchain still associate it mainly with bitcoin. Bitcoin has a bit of a checkered past, and even something of a checkered present, as a play-space for libertarian activists who didn't like the government's control of money, and as a possible vehicle for criminal or terrorist financing. Might I want to write about it, he asked?īlockchain was initially developed as a platform to allow trading of the cryptocurrency bitcoin in a trustworthy, transparent environment. He told me his organization had awarded in late June the federal government's first contract to use blockchain technology, involving moving FASt Lane, a service that Schedule 70 designed to speed how fast new vendors can get on schedule, onto the blockchain. The most incisive rate hike campaign since 1980 is only in its infancy and already boasts two major hikes, the first in March raising the cost of money by a quarter of a point and the last in May by another half a percentage point.The other week I got an email from Jose Arrieta, the new director, arrived less than a year ago, of the General Services Administration's Schedule 70 (IT products and services) operations. The reappointments give an important signal of continuity to the world and to insiders that “America will continue the fight against Inflation with a firm hand”. The White House, following the departure of Sarah Bloom Raskin due to lack of support, will have to find another name to serve the cause, but otherwise all the pieces have fallen into place with ease. The final missing piece is the nominee for Vice-President for Banking Regulation. Who will be the Vice-Chairman of the Fed? and the knowledge needed in this critical moment for our economy and for families across the country”. The Federal Reserve plays a leading role in fighting inflation and these qualified board members will bring the expertise.
“I want to thank the Senate for confirming Jerome Powell, Lisa Cook and Philip Jefferson this week, adding to Lael Brainard’s recent confirmation. The US Senate voted with no less than 80 votes in favour out of a total of 99 to confirm Powell at the helm of the central bank, despite several controversies. Powell’s policy and the firmness with which he has handled the problem have earned him a reappointment in the saddle of the most important economic office in the United States, namely the Presidency of the Central Bank. Then there will be four in 2023 and more in 2024 until the danger returns to the 2% threshold (a parameter defined as normal). There will be seven FOMC and Fed meetings until a total increase of 3.5% for 2022, which will be followed by further increases. The plan is to raise rates by between 25 and 75 basis points each session.
Jerome Powell, head of the world’s largest central bank, drew up a plan at a US board meeting to bring the problem down to 2% from the current 8.5%. Jerome Powell’s plan against US inflation and beyond However, with last year’s data, the world woke up from its torpor with a cold shower and almost double-digit inflation.Īll the major countries have had to face up to the problem, first and foremost the United States of America. Inflation is perceived as an evil and the data had been signalling its return for some time, but the Fed had dismissed the problem as transitory, something normal and negligible. Ī worrying inflation has been looming on the horizon for some time now, but which the central banks seem not to care much about. The expansive monetary policies, the showering of billions to make up for the artificially induced halt in production due to the pandemic are now waning. Jerome Powell is still in charge of the Fed, what’s next? Jerome Powell will be back in power at the Fed for another four years Who will be the Vice-Chairman of the Fed?.Jerome Powell’s plan against US inflation and beyond.Jerome Powell is still in charge of the Fed, what’s next?.
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