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The US dollar has updated highs after the nomination of the head of the Fed
The dollar on Monday renewed 16-month highs amid Powell's re-nomination as head of the Fed
Nov 23, 2021
1 min read
Anna BakkerNews analyzer

The dollar index surpassed 96.5 for the first time since July 2020.

US President Joe Biden has appointed Fed Chairman Jerome Powell as a candidate for a second term. Powell's first four-year term expires in February 2022, TASS reports.

Lael Brainard, a leftist economist and member of the Federal Reserve Board of Governors, will replace Richard Clarida as vice chairman of the Fed.

Powell's reappointment has been criticized by the Democratic Left as the current Fed chief is a Republican, originally appointed by ex-President Donald Trump.

US Treasury Secretary Janet Yellen issued a statement in which she stressed that Powell, as head of the Fed, "helped to ensure the recovery of the American economy from the medical and economic crisis that happens once in a generation."

According to Bloomberg, Yellen has come out in support of Powell's second term as Fed chairman. The candidacy of the American leader must be approved by the US Senate.

Powell spoke about plans for a second term as head of the Fed in his speech at the White House. According to him, the Fed will simultaneously fight to reduce unemployment and low inflation, writes Prime.

Powell's second term is likely to have minimal impact on the markets as it will not change the trajectory of the central bank's policy, ING said. The Fed will continue to roll back stimulus and is likely to hike rates in 2022.

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