Brian Chappatta, Columnist

Jerome Powell Sends a Warning About Tea Party Redux

The Fed chair made yet another plea for fiscal aid by bringing up the pitfalls of the previous recovery.

November 5, 2020 at 9:36 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

You’ve been warned.
Photographer: Andrew Harrer/Bloomberg

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Federal Reserve Chair Jerome Powell sent a not-so-subtle message to Republican senators who might revert to their thrifty ways if they retain control of the chamber under a Joe Biden presidency: You’ll be to blame for a weak economic recovery.

As expected, the Federal Open Market Committee decided unanimously to leave the fed funds rate unchanged in a range of 0% to 0.25% and keep its asset purchases steady. It also came as little surprise that Powell fielded a flurry of questions about the need for additional fiscal aid, which he and his colleagues have been championing for months to no avail.