Push to have Powell reappointed as Fed chair

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Jerome Powell’s term as chair of the US Federal Reserve could be summed up as follows: Never in economic history has so much been given so fast to so few.

The trillions of dollars pumped into the financial system by the Fed since March 2020 have sent the stock market to record highs, boosting the wealth of multi-billionaires such as Elon Musk and Jeff Bezos to stratospheric heights, as well as lifting the wealth of a host of lesser lights.

Chairman of the Federal Reserve Jerome Powell (AP Photo/Susan Walsh)

Given this record, it is hardly surprising that voices are being raised in political, media and financial circles calling on President Joe Biden to re-appoint Powell when his four-year term expires in February next year.

This week the Financial Times reported that Brad Sherman, a California House of Representatives Democrat, “was saying what many in his party privately believe” when he told the newspaper that Powell should be reappointed for a…

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