Keeping Federal Reserve Chairman Jerome Powell at the central bank's top post is likely good news for the stock market, analysts say.
Federal Reserve Chairman Jerome Powell is poised to keep his title for another four years following President Joe Biden’s announcement that he would nominate Powell for a second term on Monday. Biden also announced a new nomination for vice chairwoman — current Fed Governor Lael Brainard — who faces a rockier path to confirmation.
In separate remarks delivered alongside Biden on Monday, Powell and Brainard said they’re committed to using the Fed’s tools to help lower inflation and alleviate the toll it has taken, especially on work-class Americans. “The Fed that had been providing accommodation is slowly starting to withdraw it, and that portends heightened stock market volatility, more modest real estate returns, and higher borrowing costs,” McBride told MarketWatch.
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Biden to keep Powell as Fed chair, Brainard gets vice chairWASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.
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Watch live: Biden addresses his decision on Fed nominees Powell and BrainardPresident Joe Biden will discuss his decision to renominate Fed Chairman Jerome Powell and promote Gov. Lael Brainard to vice chair of the central bank.
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U.S. Senator Warren says she will oppose Powell renomination but supports BrainardU.S. Senator Elizabeth Warren on Monday reiterated her opposition to the renomination of Federal Reserve Chair Jerome Powell, stating that she will vote against his nomination after President Joe Biden tapped him for a second term. Warren said in a statement that she will support Biden's nomination of Fed Governor Lael Brainard as vice chair and called the remaining vacancy on the Fed board for vice chair of supervision 'critically important.' The senator previously called Powell a 'dangerous man' and criticized him as not doing enough on regulation, climate change and the ethics scandal regarding trading by senior Fed officials.
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Biden renames Powell to lead Fed, risking the left’s wrathBiden said he will reappoint Federal Reserve Chair Jerome Powell as head of the U.S. central bank, opting for continuity in the government’s most powerful economic post
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Jerome Powell tapped for second term as Fed chairFederal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday, extending a tenure that began somewhat by chance, survived blistering criticism from former President Donald Trump, and now positions the ex-investment banker to finish the most consequential revamp of monetary policy since the 1970s.
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Joe Biden To Nominate Jerome Powell For New Term As Fed ChairPresident Joe Biden will nominate Jerome Powell for a new term as chairman of the Federal Reserve. Biden also will nominate Lael Brainard as vice chair. “While there’s still more to be done, …
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