Treasury Secretary Janet Yellen, Powell’s predecessor at the Fed, has echoed the central bank chief’s argument, and she will be crucial to the debate over whether to appoint him, according to a senior White House official.
“There’s very little daylight between Yellen and Powell on their inflation view,” said Mark Spindel, founder of Potomac River Capital and co-author of the book, “The Myth of Independence,” about the Fed’s relationship with Congress. “I think it is Jay’s job to lose.”
Biden barely knows Powell — they’ve only spoken in their current roles once, at a White House meeting of financial regulators just last week — but the Fed leader worked with Yellen for nearly six years at the central bank, including when she was chief, and the two enjoy a close working relationship.
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