The White House announced Monday that the chairman of the Federal Reserve, Jerome Powell, has been elected to a second four-year term by United States President Joe Biden.
Lael Brainard, the other main candidate for the position, will become the new vice president, as revealed in the press release.
Market reaction
The dollar gained strength against its main rivals with this announcement and the US dollar index has reached its highest level since July 2020 at 96.28, rising 0.22% daily.
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“Powell has provided consistent leadership during an unprecedented challenging period.”
“Brainard has played a key leadership role at the Fed.”
“Powell and Brainard share management’s focus on ensuring that economic growth broadly benefits all workers.”
“Powell and Brainard have advanced key priorities that Biden shares, including addressing the financial risks of climate change, staying ahead of emerging risks to the financial system.”
“The United States gets into stable, independent, and effective leadership at the Fed so it can move toward the goals of keeping inflation low and prices stable.”
“Biden has full confidence in the experience, judgment and integrity of Powell and Brainard to continue to fulfill those mandates“.
“Biden still has three federal seats to fill, including the supervisory vice presidency, and he intends to announce them beginning in early December.”
“Biden is committed to enhancing diversity in the composition of the board.”
“Biden is confident that Powell and Brainard’s focus on keeping inflation low, prices stable and achieving full employment will make the US economy stronger than ever.”
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