Biden renominates Jerome Powell as Fed Chair

Biden, speaking at a White House event, cited Powell's steady and decisive leadership as important to his decision to choose him.

Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, was nominated as vice chair.

Combined, the nominations pair two monetary policy veterans and collaborators on a recent overhaul of Fed policy, which shifted the emphasis to jobs from the preeminent focus on inflation established some four decades ago, to keep U.S. job growth underway while also ensuring recent strong inflation doesn't become entrenched.

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