Fed Chair Jerome Powell was nominated for a second four-year term by President Joe Biden, as announced today. Governor Lael Brainard is nominated as Vice Chair.
In a statement, Biden said, “fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve – and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs.”
Investors appear to welcome the decision, as S&P 500 and NASDAQ are hitting new record highs. S&P 500 is now on track to 38.2% projection of 3233.94 to 4545.85 from 4278.94 at 5089.69.
NASDAQ is also on track to 100% projection of 13002.53 to 15403.43 from 14181.69 at 16582.59.
