Fed will become 'even more dovish' if Powell loses chairman job, market expert says
Market expert predicts Powell reappointment as Fed chair, Brainard promotion
Strategic Wealth Partners CEO Mark Tepper discusses the future of the Fed and argues Jerome Powell will be reappointed as chairman.
Strategic Wealth Partners CEO Mark Tepper discussed the "two-person race" for the Federal Reserve chair appointment on "Mornings with Maria" Thursday. Tepper warned if Jerome Powell isn't reappointed, it could create a more "dovish" Fed.
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MARK TEPPER: When you look at J. Powell, he's got public support from senators on both sides of the aisle. Even Janet Yellen supports his reappointment.
If Powell isn't reappointed, the Fed's going to become even more dovish. So that should continue to prop up stock prices. And right now, it's essentially a two-person race between Powell and Brainard.
Brainard is left-leaning enough that she could potentially transform the Fed's mandate. Right now, it's all about full employment and price stability. She could align the Fed more with Biden's priorities on financial regulation and, of course, racial equality and climate change.
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But at the end of the day, here's what I think happens: I think Powell gets reappointed. I think Brainard gets elevated to vice chair so that there's some extra influence there. And I think you'll end up getting more regulation in the financial system. Probably a bit bearish for financials and crypto, but I think more of the same for everyone else.
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