(FT) Jerome Powell is expected to serve a second term as the Federal Reserve chair after president Joe Biden’s nomination.
Powell’s biggest rival for the Fed top job Lael Brainard was selected for the vice-chair role and is set to replace Richard Clarida.
Biden says he is confident Powell and Brainard will keep prices stable, maintain low inflation, and steer the economy to full employment.
The appointment of Powell ends months of speculation on whether Biden will retain the Fed chief at a time the country is reshaping its monetary policy in the week of rising inflation and supply-chain disruptions.
Powell, 68, has been lauded for averting market panic during the Covid-19 induced contractions, with backers saying a leadership change would have generated volatility and economic uncertainty.
Biden is now expected to make other appointments for vacant positions at the Fed board starting next month, amid heightened calls for improving diversity.
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