US President Joe Biden keeps Jerome Powell to lead Fed for second term

US President Joe Biden selected Jerome Powell for a second four-year term as US Federal Reserve chair and elevated Governor Lael Brainard to vice chair, maintaining consistency at the central bank as it grapples with the fastest inflation in three decades along with the lingering effects of the coronavirus pandemic.

The move, announced by the White House on Monday, rewards Powell for helping rescue the US economy from the pandemic and tasks him with protecting that recovery from a surge in consumer prices. A Republican, Powell faces what will likely be a smooth confirmation in the Senate, where he was