Recent Articles by Nick Timiraos

Articles

Nick Timiraos is chief economics correspondent for The Wall Street Journal, where he is responsible for covering the Federal Reserve and other major developments in U.S. economic policy.

The Fed Missed Inflation. Can Jay Powell Tame It Without Causing a Recession?

The Wall Street Journal, February 15, 2022

Jay Powell’s first term as Fed chair was marked by improvising to prevent the pandemic from creating years of economic misery. The start of his second term will be different: His job is to tame inflation, now running at a 40-year high, without triggering a recession or eroding the success his predecessors had in wringing it out of the economy.

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How Do You Feel About Inflation? The Answer Will Help Shape Its Longevity

The Wall Street Journal, December 12, 2021

Supply-chain disruptions, labor shortages and climbing oil prices have pushed inflation to a 39-year-high. But attention is now focused on another variable: Do people think inflation is here for a while? Because people’s expectations can factor into inflation, the answer plays a critical role in determining how the Federal Reserve and the administration manage the rising numbers—and how soon and how much the Fed will raise interest rates.

High Inflation, Falling Unemployment Prompted Powell’s Fed Pivot

The Wall Street Journal, December 6, 2021

Just four weeks ago, the Federal Reserve set in motion carefully telegraphed plans to gradually wind down a bond-buying stimulus program by June. Officials are making plans to accelerate the process. The abrupt shift opens the door to the Fed raising interest rates next spring rather than later in the year to curb inflation, marking a significant policy pivot by Chairman Jerome Powell shortly after President Biden offered him a second four-year term leading the central bank.

Biden to Nominate Powell for Second Term as Federal Reserve Chairman

The Wall Street Journal, November 22, 2021

President Biden said he would nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change.

Behind Powell's Intricate Inflation Balancing Act

The Wall Street Journal, August 23, 2021

After a decade of low growth and inflation, Federal Reserve Chairman Jerome Powell unveiled a new strategy a year ago in which the central bank would keep interest rates lower for longer. Reality has dealt Mr. Powell a different and unexpected challenge: the biggest inflation spike in decades.

Yellen Passed the Economic Stability Baton to Powell. He’s Handing It Back.

The Wall Street Journal, January 25, 2021

When Jerome Powell succeeded Janet Yellen as Federal Reserve chief three years ago, he hosted a farewell dinner party for her at his home in Chevy Chase, Md. Back then, Ms. Yellen was passing the baton to Mr. Powell. Three years later, in many ways, he is passing a baton back to her.

Fed Had a Loan Plan for Midsize Firms Hurt by Covid. It Found Few Takers.

The Wall Street Journal, January 4, 2021

In the depths of the financial panic from Covid-19 last year, the Federal Reserve offered to lend to a wide swath of businesses—something it had never done before. Yet it struggled to find takers.

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Politics Isn’t Janet Yellen’s Forte, But It’s What She’s In for Now

The Wall Street Journal, November 24, 2020

When she led President Clinton’s Council of Economic Advisers in the late 1990s, Janet Yellen confided to her husband, economist George Akerlof, about the challenges she faced navigating Washington’s political storms. Those storms are about to become Ms. Yellen’s headache again.

Covid Supercharges Federal Reserve as Backup Lender to the World

The Wall Street Journal, August 3, 2020

When the coronavirus brought the world economy to a halt in March, it fell to the U.S. Federal Reserve to keep the wheels of finance turning for businesses across America. And when funds stopped flowing to many banks and companies outside America’s borders—from Japanese lenders making bets on U.S. corporate debt to Singapore traders needing U.S. dollars to pay for imports—the U.S. central bank stepped in again.