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Fed nominee doesn't signal big changes

Photo: Carolyn Kaster / AP

Donald Trump's pick to be the new chairman of the Federal Reserve, Jerome Powell, made his first appearance before Congress today, where according to Bloomberg, he pledged to stay the course. Takeaways:

  • Expect the Fed to raise rates again in December
  • Unemployment could fall below 4%
  • Banks are due for some regulatory relief
  • Powell's testimony was "middle of the road, don't rock the economy's boat," Chris Rupkey, chief financial economist at MUFG said

Bottom line: Bloomberg says Powell "should have smooth sailing to confirmation."

Go deeper

Axios
26 mins ago - Economy & Business

United CEO is confident people will feel safe traveling again by 2022

Axios' Joann Muller and United CEO Scott Kirby. Photo: Axios

United Airlines CEO Scott Kirby believes that people will feel safe traveling again by this time next year, depending on the pace of vaccinations and the government's ongoing response to the pandemic, he said at an Axios virtual event.

Why it matters: Misery for global aviation is likely to continue and hold back a broader economic recovery if nothing changes, especially with new restrictions on international border crossings. U.S. airlines carried about 60% fewer passengers in 2020 compared with 2019.

Go deeper (<1 min. read)Arrow
Zach Dorfman of the Aspen Institute, author of Codebook
45 mins ago - Technology

The risks and rewards of charging state-backed hackers

Illustration: Sarah Grillo/Axios

Last week’s stunning indictment of three North Korean hackers laid bare both the advantages and drawbacks of the U.S. government’s evolving strategy of using high-profile prosecutions to publicize hostile nation-state cyber activities.

Why it matters: Criminal charges can help the U.S. establish clear norms in a murky and rapidly changing environment, but they may not deter future bad behavior and could even invite retaliation against U.S. intelligence officials.

Go deeper (2 min. read)Arrow
Barak Ravid, author of from Tel Aviv
55 mins ago - World

Scoop: Netanyahu asked Biden to keep Trump's sanctions on International Criminal Court

ICC chief prosecutor Fatou Bensouda. Photo: Bas Czerwinski/ANP/AFP via Getty

Netanyahu asked Biden in their first phone call last week to keep sanctions imposed by the Trump administration on the International Criminal Court (ICC) in place, Israeli officials tell me.

Why it matters: Israeli officials are concerned that removing the sanctions would hamper Israel's efforts to stop a potential war crimes investigation into Israel, and that the court's prosecutor could see it as a signal that the U.S. isn't firmly opposed to that investigation.

Go deeper (1 min. read)Arrow