Why Jay Powell's second Fed term could be even tougher than his first
CNN
The news moves fast. Yesterday, we looked at whether President Joe Biden would reappoint Federal Reserve Chair Jerome Powell, one of the most powerful figures guiding the global economy. The answer came quickly.
What's happening: On Monday morning, Biden formally announced his intent to nominate Powell to a second four-year term, opting for continuity at an uncertain moment. Lael Brainard, Powell's top rival for the job, will be tapped as vice chair.
In the face of a once-in-a-century pandemic, Powell's first term has been undeniably difficult. Should he receive Senate confirmation, his second term could be even more challenging.
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