Washington | US President Joe Biden nominated Jerome Powell for a second four-year term as US Federal Reserve chairman and elevated governor Lael Brainard to vice-chair, in a politically expedient move that also maintains continuity at the central bank as it deals with a 31-year high in inflation.
In announcing the nominations on Monday (Tuesday AEDT), President Biden said both Mr Powell and Dr Brainard had helped achieve a successful economic recovery from the pandemic, and he was confident they would control inflation.
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Bloomberg
Matthew Cranston was The Australian Financial Review’s United States correspondent.
