Stocks Rise After Biden Nominates Powell for 2nd Term as Fed ChairEpoch Times, United States politics | The Epoch Times

The SPDR S&P 500 ETF Trust traded higher by 0.4 percent on Monday morning after President Joe Biden announced Federal Reserve Chairman Jerome Powell will likely serve a second term. What Happened? Biden announced he will be renominating Powell for a second term as Fed chair and will nominate Fed Governor Lael Brainard as vice-chairman. Biden was widely expected to nominate either Powell or Brainard for the position. Powell was initially nominated by former President Donald Trump in 2017, but Trump was highly critical of Powell during his first term in the position. Why It’s Important The Federal Reserve is navigating some difficult economic conditions at the moment. The U.S. economy is still recovering from the 2020 pandemic, but inflation has recently hit multi-year highs. The Fed has insisted elevated inflation will be “transitory,” but it began tapering its $120 billion in monthly asset purchases by $15 billion per month …Read More

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