Powell reappointed as FED chair

President Joe Biden has chosen to reappoint Jay Powell as the chairman of the Federal Reserve for a second term. It was Biden’s belief that Powell has the experience and capability to continue to steer the economy into lower inflation and fuller employment without derailing the economic recovery with excessive monetary intervention. Powell had strong bi-partisan support from both sides of the aisle and remained favourite to take the job again. Lael Brainard who was the contender for the position has now been appointed to the FED vice chair position.