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Stocks rise as Biden taps Fed’s Powell for second term
Economist Stephen Moore: ‘Wise decision’ for Biden to tap Powell for second term
FreedomWorks economist Stephen Moore argues Lael Brainard, the sole Democrat on the Fed’s Board of Governors, ‘would have been a disaster’ as chair of the Federal Reserve.
The S&P 500 and Nasdaq Composite jumped to new all-time highs on Monday after investors welcomed President Biden's re-nomination of Federal Reserve Chair Jerome Powell for a second term. The Dow Jones is also climbing, up approximately 0.7%.
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With Powell at the helm for a second term, he also tapped Fed governor Lael Brainard as vice-chair. Investors took their nominations in stride as their prior working experience will likely represent continuity with monetary policy.
President Biden will speak on the appointments this afternoon.