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Joe Manchin urges Powell to taper, saying he is “deeply concerned” about the Fed’s monetary easing policy

Senator Joe Manchin (D-WV) will leave the bipartisan Senator’s meeting on June 22, 2021 at the office of Senator Kyrsten Cinema (D-AZ) in Capitol Hill, Washington, DC.

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Sen. Joe Manchin, DW.Va.Thursday, he Federal Reserve System He urged continued efforts to support the US economy and urged the central bank to diminish emergency stimulus efforts.

Conservative Democrats are increasingly wary of the Fed continuing to inject a record amount of stimulus into the economy as the recession ends and a strong economic recovery is on track. “. Jerome Powell..

Manchin worries that further stimulus from the Fed, combined with trillions of dollars led by Democrats, will “lead to overheating of the economy and an inevitable inflation tax that hard-working Americans can’t afford.” Said that.

Manchin has emerged as a key figure in his party’s efforts to pass ambitious legislative agendas backed by President Joe Biden.

The West Virginia letter arrived when the Senate discussed an amendment to the $ 1 trillion bipartisan infrastructure bill. The bill could pass the Chamber of Commerce within a few days.

Meanwhile, the Democratic Party has drafted a separate $ 3.5 trillion settlement bill aimed at addressing climate change and supporting US workers and other priorities. Democrats need a Manchin vote because Vice President Kamala Harris will vote for a tiebreaker and all 50 members of the caucuses will have to agree to pass the settlement bill.

Chuck Schumer, DN.Y, a key leader in the Senate. , And the Federal Reserve Board representative did not immediately respond to CNBC’s request for comment.

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Federal Reserve cuts interest rates and the Covid-19 virus shuts down thousands of U.S. companies, launching billions of Treasury bill purchases in March 2020 to ensure easy access to capital Did.

Economists and politicians likewise acknowledge these measures by mitigating the pandemic recession and promoting faster rebounds.

Several federal officials, including Vice Chairman Richard ClaridaIs beginning to show that as the economy and inflation recover, it is time for central banks to curb these emergency measures.

Powell’s term expires in February, but he is believed to have a good shot to keep his job. Manchin does not participate in the Senate Banking Commission, which plays an important role in deciding to chair the next Federal Reserve Board.

Joe Manchin urges Powell to taper, saying he is “deeply concerned” about the Fed’s monetary easing policy

Source link Joe Manchin urges Powell to taper, saying he is “deeply concerned” about the Fed’s monetary easing policy

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