Wall Street Breathes Sigh of Relief as Powell Gets Second Fed Term

Powell and Brainard are the ‘dream team,’ Lazard’s Orszag says
President still hasn’t named key Wall Street supervisor at Fed

WATCH: Powell says the economy is expanding at its fastest pace in many years and the Fed will use its tools to keep inflation from becoming entrenched. Source: Bloomberg

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By Jennifer Surane and Zijia Song

November 22, 2021 at 6:58 PM UTC

This article is for subscribers only.

Wall Street will head into the Thanksgiving holiday with one less worry after President Joe Biden decided to nominate Jerome Powell for a second four-year term as Federal Reserve chair.

Biden also elevated Governor Lael Brainard to vice chair. Taken together, the moves are likely to ensure consistency at the central bank as the U.S. economy grapples with continued fallout from the pandemic and rising inflation.