Financial Daily Dose 11.23.2021 | Top Story: White House to Keep Powell as Federal Reserve Chair
November 23, 2021
The Fed Chair waiting game is officially over, with the White House affirming its confidence in Chair Powell on Monday by indicating that it will renominate him to another 6-year term at the helm of the central bank. The administration will elevate Dr. Lael Brainard to the #2 position at the Fed, where, as Vice Chair, she’ll head up supervision. Markets reacted positively (initially, at least) to the reappointment news, and Powell appears to enjoy bipartisan support in the Senate that should smooth his confirmation process - NYTimes and WSJ and Bloomberg and MarketWatch and Law360 and Marketplace
After months of speculation about Biden’s decision, the pull of “continuity” (and a return to central banking norms) appeared to carry the day - NYTimes
Here’s what lies ahead for Powell (and an updated Fed board) - WSJ
In an unmistakably public effort to address the rising price of oil around the holiday travel season, the U.S. will join with China, Japan, India, and South Korea to release 50 million barrels of crude oil from its strategic petroleum reserve—“a coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+” - Bloomberg and WSJ
The Journal spills some tea on the behind-the-scenes drama between JPMorgan’s Jamie Dimon and Tesla’s Elon Musk, two corporate titans whose ongoing dispute bubbled over into public in the form of JPM’s lawsuit seeking $162 million from Tesla “over a trade the bank helped arrange in 2014” - WSJ
Jeff Bezos has made a $100 million donation to the Obama Foundation, the largest in its history. It comes on the heels of a nearly equivalent grant initiative from Bezos aimed at ending family homelessness - NYTimes
Here’s how Twitter’s Jack Dorsey spreads around his largesse - Bloomberg
In an effort to beef up its Peacock offerings, Comcast is reportedly considering pulling some content currently found on Hulu in favor of its own streaming platform. The move would be a blow to the tripartite ownership structure of Hulu and maybe linked to a disagreement between NBCUniversal and Disney - WSJ
The Labor Department has finalized a rule that will require federal contractors to pay a minimum of $15/hour beginning on January 30, 2022. The mandate will likely increase wages “for over 300,000 workers, according to administration estimates” - NYTimes
I’ll be honest. They had me at the headline here. Other parents of grade schoolers and under will understand - NYTimes
And while we’re talking holidays, we’re heading into a Thanksgiving break until next week. We hope it’s a chance for a breather and some quality time for you and yours.
Stay safe, get boosted, and enjoy that turkey,
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