Biden reappoints Powell as Fed chair

Source: National Public Radio [US state media]

“President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman — a move that signals continuity with the central bank’s policies at a time when the economy faces critical challenges, including surging inflation Biden nominated current Fed governor Lael Brainard to serve as vice chair. Brainard had been seen as a leading contender to replace Powell. … Biden’s pick to stick with Powell will likely reassure financial markets, despite opposition from some progressive members of the president’s own party. Powell, a Republican, was originally appointed to the Fed’s governing board by former President Barack Obama and was elevated to the chairman’s post by then-President Donald Trump.” (11/22/21)