Market welcomes Powell’s reappointment

New term: A screen displays a statement by Powell as a trader works on the trading floor of the New York Stock Exchange. On Monday, Biden nominated Powell for a second four-year term as Federal Reserve chair. — Reuters

NEW YORK: Biden’s pick of Jerome Powell to continue as Federal Reserve (Fed) chair reassured investors who said it gave some predictability as the central bank prepares to start hiking rates and slows the pace of bond buying.

Many investors had hoped that Powell, who was nominated as chair by president Donald Trump in 2017, would be renominated by President Joe Biden for another four-year stint.