Biden bets Fed’s Powell can usher in full U.S. economic recovery

 Biden bets Fed’s Powell can usher in full U.S. economic recovery

WASHINGTON, Nov 22 (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 shifted the emphasis to jobs from the preeminent focus on inflation established some four decades ago. Their challenge will be to keep U.S. job growth underway while also ensuring recent strong inflation doesn’t become entrenched.

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“We’ve gone from an economy that was shut down to an economy that’s leading the…

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