Current Fed Chair Jerome Powell was appointed by former President Donald Trump and confirmed in 2018, and nominated for a second term by President Joe Biden and confirmed earlier this year. The Federal Reserve Chair is appointed to a four-year term by the president and confirmed by the Senate. That’s because the Federal Reserve operates independent of political parties. Missouri Republican Eric Schmitt defeated Democrat Trudy Busch Valentine in. At its most recent November meeting, the central bank raised interest rates by 75 basis points, its fourth consecutive 75-point hike and its sixth rate hike so far this year.īut the results of the election are unlikely to change the trajectory of interest rates in the coming months. Chris Van Hollen (D-MD) has won a second term by defeating Republican Chris Chaffee in a 'solid Democrat' district. It hit its 40-year high of 9.2% in June, and has since slowly receded, but remains far above historical norms and above the Federal Reserve’s targeted 2% range.Īs a result, the Fed continues to raise interest rates in an effort to slow the economy and bring inflation back down. Inflation has continued to surge near 40-year highs over the past few months. What do election results mean for interest rates? The results in Alaska wont impact control. "Rather than a ‘red wave’ election, we saw a more status quo election, with the vast majority of incumbents winning or at least keeping it close and making races hard to call." As of Thursday morning afternoon, Senate races in four states remained unresolved, according to CBS News estimates: Alaska, Arizona, Georgia and Nevada. "It appears that Republicans are poised to win a narrow majority in the House, and the Senate remains up in the air, with several key races not yet called and a runoff election likely in closely contested Georgia set for December 6," Mesack said. "Many races are still too early or too close to call as of this morning and final vote counts could take days, or even weeks. "The mid-term elections turned out to be a lot closer than many pundits predicted," said Greg Mesack, National Association of Federally-insured Credit Unions (NAFCU) senior vice president of government affairs. 6th as neither candidate obtained more than 50% of the vote in Georgia. Raphael Warnock will go to a runoff on Dec. Senate candidate Herschel Walker and Democratic incumbent Sen. But in Georgia, the race between Georgia Republican U.S. Control for the Senate is split nearly evenly, and could be determined by the results from Arizona, Georgia and Nevada.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |