JUST IN: President Joe Biden will renominate Jerome Powell as chairman of the Federal Reserve and Lael Brainard as vice chair, according to a source familiar.
Powell's four-year term is up in February, and the President faced a key decision of whether to keep Powell, who was put in the job by a Republican, in the government's most important economic policy job. At a time when rising consumer prices, inflation and shortages caused by the supply chain crisis are urgent concerns of the White House, there has been heightened focus on who the President was going to pick to lead the nation's central banking system.
"After an atypically lengthy deliberation phase, the White House ultimately went with the safest choice," said Isaac Boltansky, director of policy research at BTIG,."The Powell pick provides leadership continuity that the market always appreciates and should give the White House a victory via a quick and relatively painless confirmation process.
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