Biden nominates Powell for second term as Fed chair

WASHINGTON: US President Joe Biden has nominated Jerome Powell for the second term as the Federal Reserve chair, the White House said on Monday, allowing him to continue his role, overseeing the economy’s recovery from the Covid-19 pandemic.

If confirmed by the Senate, Powell will preside over the central bank’s response to the damage done by the last year’s record downturn, while fighting off inflation that has spiked in recent months, upping the pressure on the Biden’s administration and the Fed’s easy money policies.