The
nomination of the new Federal Reserve (Fed) Chairman came as no surprise.
Jerome Powell won the race for Chair. U.S. President Joe Biden announced his
decision on Monday night. The second nominee, Lael Brainard, was offered the
job of Powell’s Deputy.
The Senate will
have no objections against approving Powell, who is a Republican and who would certainly
be supported by his fellow party members. So, the approval of Mr. Powell for a
new term could be considered as done.
The
market’s negative reaction to Powell’s nomination is expected.