Biden’s announcement made to the Federal Reserve eased tension among investors, mostly in the stock market. Wall Street in New York was affected by rising inflation concerns, which were calculated at 6.2% annually.
Washington (apro),-US President Joe Biden has officially decided to nominate Jerome Powell to the second four-year term as Governor of the Federal Reserve (Central Bank) and to serve Vice President Lyle Brainard.
In a press release, the White House stated that despite all the challenges facing the US economy, the Federal Reserve’s monetary policy in recent months has contributed to recovery and creation of jobs.
For this reason, the press release reads; “President Biden proposed that President Powell lead the Federal Reserve during his second term.”
Biden’s announcement at the Federal Reserve helped ease tensions among investors, mainly in stock markets; Wall Street in New York was tense due to rising inflation. The annualized rate of 6.2% is the highest.
Federal Reserve Open Market Committee met last week and predicted that, given rising inflation, job growth and economic recovery, interest rates would be adjusted to counter the threat of an epidemic.
The Fed’s adjustment in monetary policy will have an immediate impact on emerging economies, and those that are closely related to the United States like Mexico, and especially the international forex market.
We need to build our economy more effectively. The president stated that he believes President Powell and Dr. Brainard would focus on reducing inflation and maintaining price stability as well as ensuring an employment recovery to strengthen the economy. .