Biden Renominates Powell as Fed Chair, Appoints Brainard Vice Chair

Biden Renominates Powell as Fed Chair, Appoints Brainard Vice Chair
U.S. President Joe Biden has re-nominated Powell as the next Federal Reserve chair, after much speculation that Fed Governor Lael Brainard could replace him to lead the central bank for the next four years.Biden appears to have gone with the candidate who was better known to investors, while providing economic policy continuity. Powell helped to steer the world’s biggest economy through the COVID-19 pandemic, notably doubling the size of the central bank’s balance sheet to $8.7 trillion to stimulate global markets.Bitcoin quadrupled in price in 2020 and has doubled so far in 2021, as a growing number of investors bought…