(CercleFinance.com) – US President Joe Biden on Monday reappointed current Federal Reserve Chairman Jerome Powell for a second four-year term.
If he recognizes that the United States continues to face certain difficulties, Joe Biden paid tribute to the work carried out by the boss of the Fed, in particular in order to erase the effects of the health crisis.
‘Since the president took office, the economy has created more than 5.6 million jobs, the unemployment rate has fallen to 4.6% – two years earlier than expected – and the growth rate of our economy surpasses that of the rest of the developed countries, ‘he said in a statement.
This choice was greeted with relief by the American financial markets, which interpret it as the promise of a continuation of the accommodating monetary policy carried out by the leader.
Half an hour after opening, the major New York indices were posting gains of 0.8% after opening up about 0.4%.
Financial markets expected Powell to be reappointed, but did not expect the announcement to be made so soon.
Economist Lael Brainard, who was seen as another favorite for the post, has been appointed to the post of vice president.
Janet Yellen, the former president of the Fed and now secretary of the Treasury, immediately welcomed the renewal of Powell, whose sense of ‘leadership’ she praises.
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