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"More on Powell and Yellen" by Ben White and Aubree Eliza Weaver
Ian Katz quoted in Ben White and Aubree Eliza Weaver's Politico Morning Money newsletter, "More on Powell and Yellen."
The article reads:
More on Powell and Yellen — In Monday’s MM, we quoted Better Markets’ Dennis Kelleher suggesting that current Fed Chair Jerome Powell lobbied Donald Trump to dump then-Fed Chair Janet Yellen. Trump ultimately did this and nominated Powell, who is now up for renomination this year.
Several readers wondered where the allegation of a Powell lobbying campaign against Yellen came from, so we asked Kelleher. He emails: “Yellen was in a position (Fed Chair) where the person in that position had been reappointed uniformly for decades.
“As widely reported at the time … Powell was going after the job, which he could not have if she was in it. … So Powell’s allies are now saying, sure, he might have been lobbying … for the job, but not to have her fired. To me, that’s a distinction without a difference. He could not have the job that was filled by someone (Yellen) unless Trump de facto fired her, breaking with decades of tradition.”
Cap Alpha’s Ian Katz: “The one thing the administration doesn’t want to do is drop a surprise Fed nominee on financial markets. If Powell were to be replaced, the White House would have to do a lot of signaling of its move in that direction and we haven’t seen that.”
"Here Comes the Fed" by Ben White and Andrew Hanna
Financials analyst Ian Katz was quoted in Ben White and Andrew Hanna's Polotico Morning Money article, "Here Comes the Fed".
White and Hanna write:
Cap Alpha's Ian Katz: "The Fed and FDIC hit Wells Fargo on Tuesday with sanctions related to the bank's living will. Wells is prohibited from setting up international bank entities or purchasing non-bank subsidiaries. That's not good, but it could have been much worse: The regulators chose not to impose higher capital requirements on the bank.
"Meanwhile, four other firms that were told in April to resubmit their resolution plans were cleared – JPMorgan, Bank of America, State Street and Bank of New York Mellon. It's the latest in a series of embarrassments for Wells, which was once viewed as the Main Street good guy in contrast with its slicker Wall Street competitors."