Jerome Powell To Stay On As Federal Reserve Chair

Biden announced his decision to nominate Powell for a second term as Federal Reserve Chair, citing his leadership during the pandemic recession. Powell maintained low interest rates, which Biden claims helped boost confidence and the job market. However, Powell has faced criticism for not addressing inflation quickly enough.

What did Biden announce earlier this morning regarding Powell?

What reasons did Biden give for backing Powell's nomination?

How did Powell's policies during the pandemic affect the economy according to Biden?

What impact did Powell's ultra-low rate policies have on the job market?

What criticism has Powell faced from economists recently?