Joe Biden has nominated Jay Powell to serve a second term as chair of the Federal Reserve, opting for continuity at a delicate moment for the US economy as it grapples with persistently high inflation and a patchy labour market recovery.
Lael Brainard, considered Powell’s fiercest competitor for the top job, was tapped for the role of vice-chair, a position currently held by Richard Clarida.
Biden said Powell and Brainard had helped “steer us through the worst downturn in modern American history and put us on the path to recovery”.
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