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Biden Officially Nominates Powell As Chairman Of The Federal Reserve

Biden Officially Nominates Powell As Chairman Of The Federal Reserve

US President Biden formally nominated the current Fed Chairman Powell to serve as the next chairman for a four-year term, reflecting the Biden administration’s intention to allow the Fed to continue its delisting plan steadily. As for another popular chairman candidate who is considered to be more dovish, the current director Brainard was appointed as the vice chairman of the Federal Reserve. The nomination of the relevant chairman and deputy chairman is still pending through the Senate. It is expected that Powell’s nomination will be passed smoothly. As for Brainard, who will take over from the post of Vice Chairman Clarida, who will leave the post at the end of January next year, due to his tough attitude towards banking supervision, some Republicans may oppose it. . However, the market generally welcomes Powell's stay in office, and the news drove the performance of US stocks and the US dollar.
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