US President Biden nominates Jerome Powell to lead Fed for the second term despite criticism on low interest rates against record-high inflation
Powell has been criticised for keeping rates too low against the record-high US inflation seen in the last three decades.
"We can't just return to where we were before the pandemic, we need to build our economy back better," Biden said in a statement on Monday, while announcing his nomination. The president had faced calls from progressive members of his Democratic Party to replace Powell, a Republican, with a more liberal candidate like FedGovernor Lael Brainard, but the White House announced she would serve alongside Powell as vice chair.
Appointed by Biden's Republican predecessor Donald Trump and taking office in 2018, Powell has led the central bank's response to the massive pandemic downturn, which saw it slash its lending rate to zero and roll out trillions of dollars in liquidity.Rising inflation
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