The decision to stick with Jerome Powell is a vote for continuity at the Federal Reserve as the US central bank navigates a period of unexpectedly strong inflation while also hoping to keep job growth underway.
underway. The two have worked together now for several years, collaborated on a recent revamp of Fed policy, and have complementary backgrounds – one a lawyer, the other a PhD economist, one from the private sector, the other with deeper roots in government.Powell's reappointment had been encouraged by a cross-section of investors and economists with both conservative and liberal leanings.
A recent run of inflation has added to the uncertainty – and the political risks that the White House might have taken on in switching gears now. The nominations stop short of the broad and aggressive remake of central bank personnel that some Biden supporters have advocated. The White House statement noted that there were still open board seats to fill, including vice chair for supervision, that could be announced beginning in December.
Powell's second term would begin in early February, and the coming months will be crucial in determining whether his legacy will be as the Fed chair who elevated employment to the center of Fed policy, or as the one whoPowell, who joined the Fed as a governor in 2012, did not anticipate being named chair when Trump was elected.
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