Markets

The Fed is on the hunt for a speechwriter for chair Powell

Key Points
  • "The Senior Speechwriter composes and edits speeches, congressional testimony, talking points, PowerPoint presentations, articles for publication, and related documents for the Chair," a job posting said.
  • The search came after Powell's series of communication miscues over the past year.
US Federal Reserve Chair Jerome Powell attends a "Fed Listens" event in Washington, DC, on October 4, 2019.
Eric Baradat | AFP | Getty Images

The Federal Researve is looking to hire a senior speechwriter for Chairman Jerome Powell.

"The Senior Speechwriter composes and edits speeches, congressional testimony, talking points, PowerPoint presentations, articles for publication, and related documents for the Chair," stated a September job posting on the central bank's website, which was promoted by the Fed Careers' Twitter account on Wednesday.

The position requires "general knowledge of economics, finance, and monetary policy," and eight years of specialized experience in speech or related writing is required, the posting said.

The search came after Powell's series of communication miscues over the past year.

They began in October 2018 when the chair said the Fed was "a long way" from neutral, or the rate that is neither stimulative nor restrictive. Markets took the statement as signaling more rate cuts were coming at a time when growth had decelerated and stocks already were selling off.

In December, he described the Fed's reduction of its balance sheet asset holdings as being on "autopilot," another signal of tighter policy ahead.

Finally, in July he characterized an interest rate cut as a "midcycle adjustment" rather than the beginning of a period of successive cuts that the market was looking for.