Joe Biden picks a fed chair that boosted your stocks to a record

According to CNBC:

Stocks rose on Monday after President Joe Biden picked Jerome Powell to continue to lead the Federal Reserve over Fed Governor Lael Brainard. The move assuaged investors worried about switching central bank chiefs while the country’s economy is trying to emerge from the Covid pandemic and battle inflation levels not seen in three decades.

The Dow Jones Industrial Average rose 245 points. The S&P 500 and the Nasdaq Composite rose about 0.7% and 0.2%, respectively, with both hitting intraday all-time highs.

Powell, a former private equity executive, slashed interest rates to near zero and implemented emergency asset purchases in March 2020 to help backstop the market during the first wave of the Covid-19 pandemic, helping the financial system to remain operational during a sharp slowdown in economic activity. He also lead a landmark re-evaluation of the Fed’s inflation targeting framework during the Covid crisis.

“It appears markets are reacting positively to the continuity signal. Continuity will be key during this potentially tricky phase of the recovery where inflation is elevated and sticky, demand growth is strong but cooling and capital and labor supply is gradually rebounding,” said Greg Daco, chief U.S. economist at Oxford Economics.

Joe Biden picks a fed chair that boosted your stocks to a record

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