The Federal Reserve Chair, Jerome Powell, has a unique fashion sense. He often wears purple ties. This might seem like a small detail, but it's actually quite significant. Powell's choice of tie color is a statement about his role and the Federal Reserve's independence. The Federal Reserve is supposed to be nonpolitical. Its job is to manage the economy, not to play...
Federal Reserve Chair Jerome Powell dropped a hint in Dallas about future interest rate cuts. He said, "We're in no hurry. " Why? Inflation is still hanging around, and the economy is doing just fine. He's got a point. When things are steady, there's no rush to change them. Economists think the Fed might cut rates again in December, but after that, who knows? Some t...
In the summer of 1971, a little-known lawyer named Lewis F. Powell Jr. penned an explosive memo to the U.S. Chamber of Commerce. In this document, later known as the 'Powell Memo', Powell argued that American business had become too complacent and needed to take aggressive action to regain political power. He urged corporations to use their resources to influence pol...