US President Joe Biden has announced his intention to confirm Jerome Powell at the helm of the Federal Reserve, the US central bank. Powell will therefore continue to be the helmsman of the institution, inaugurating his second term.
The candidates considered most likely to get to the top of the Fed were considered to be Powell himself and Governor Lael Brainard.
Many had pointed out that if Biden had chosen Brainard, the Fed would have taken on an even more dovish nature.
Lael Brainard was chosen for the position of vice president of the board of governors, replacing Richard Clarida, whose term expires on January 31, 2022.
“As I said earlier, we can’t just go back to where we were before the pandemic – Biden said, according to the press release announcing the decision – We need to rebuild and improve our economy, and I am confident that Powell and Brainard will focus on keeping inflation down, on keeping prices stable, on ensuring full employment, which will make our economy stronger than ever. “