June 24, 2024
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Biden bets Fed’s Powell can usher in full U.S. economic recovery

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By Jeff Mason and Howard Schneider WASHINGTON (Reuters) – U.S. President Joe Biden on Monday nominated Federal Reserve Chair Jerome Powell for a second four-year term, positioning the former investment banker to continue the most consequential revamp of monetary policy since the 1970s and finish guiding the economy out of the pandemic crisis. Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice chair, the White House said. Combined, the nominations pair two monetary policy veterans and collaborators on a recent overhaul of Fed policy, which …

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