The mandate of Janet Yellen in the Federal Reserve can be considered the “lost opportunity.” Yellen and the Fed delayed urgent and justified rate increases because they feared a bad market reaction, and they didn’t want to rock the boat ahead of the presidential elections in 2016.
However, the first press conference by Jerome Powell as chairman of the Fed was a positive surprise.
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat” (2015), and “Life in the Financial Markets.”
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