Powell or Brainard? Joe Biden weighs his pick for US Fed chairman

President Joe Biden is still weighing whether to keep Jerome Powell as chair of the Federal Reserve for a second term or elevate Fed Governor Lael Brainard to the post, an administration official said on Wednesday.

The White House is cognisant of pressure from both moderates and progressives within the Democratic Party about the choice. “There are pressures going both ways for both finalists,” the official said.

Biden met with both candidates for the job last week, and a decision is expected in the coming weeks.

Powell, 68, who was appointed chair by former President Donald Trump and whose four-year