A Brave New World: Biden Reappoints Powell Amid a Coordinated Strategic Oil Reserves Release

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 22 November 2021

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

DB-Nov 22,2021:President Biden nominates Fed Chairman Jerome Powell for a second term. The question on everyone’s mind is, what does it mean for the economy? Could Biden’s pick signal that the administration is opting for policy continuity? Powell faces a completely different economy from when he was sworn in, and he will have to pivot from previous policies as inflation is at 6.2%, its highest in 31 years. The U.S is also hurting from supply and labor imbalances. In the economy, oil prices rose on news that OPEC+ could raise oil production if large consuming countries release crude from their reserves. President Biden is expected to release oil from the nation’s Strategic Petroleum Reserve. Gary Brode, founder of Deep Knowledge Investing, sits down with Maggie Lake to discuss how the economy will fare once more under Powell, and what higher oil prices mean for investors and consumers. Interviewed by Maggie Lake. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3oSPjk9 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:35.4	Hey there, everyone. Welcome to the Real Vision Daily Briefing.
0:38.2	It's Monday, November 22, 2021. I'm Maggie Lake.
0:42.2	And I'm joined by Gary Brode, founder of Deep Knowledge Investing.
0:46.4	Welcome back, Gary, and from Costa Rica, no less.
0:50.2	We're here in Tamarindo, Ven.
0:52.0	Thank you so much for having me on.
0:54.0	You know, Deep Knowledge Investor, we're all huge, real-vision fans.
0:57.0	Love your segments.
0:58.4	Awesome, and we're so happy to have you.
1:00.2	And a little bit jealous, but happy to have you.
1:02.6	You know, we had a really interesting day in the markets.
1:06.0	We accrued prices, initially fall on news that several countries may work together
1:11.2	to release some oil from strategic reserves.
1:14.2	But later, they recovered.
1:16.0	We'll get to the price action in a moment, but Western Nakamura has more on the developments
	...

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