NEW YORK: Biden's pick of Jerome Powell to continue as Federal Reserve Chair gives global investors stability and some predictability as the central bank prepares to taper its asset purchases and start hiking rates.
Powell's current term, which is due to run out in February 2022, has proven positive for risk assets, with the S&P gaining 69.7 per cent since his appointment on Feb 5, 2018 and hitting a series of new records in part helped by emergency measures the Fed launched in response to the coronavirus pandemic.
Online betting website PredictIt gave Powell a 79 per cent chance of being confirmed by the US Senate as of Monday morning, down from a 90 per cent chance on Sep 12, while the odds that Federal Reserve Governor Lael Brainard would be nominated had increased to 23 per cent from a low of 6 per cent in September.
Pavlik said that Brainard taking the vice chair role"at least puts some kind of pressure on Powell to not to move too quickly with raising rates". Powell was nominated chair by former President Donald Trump on Nov 2, 2017, US Treasury Secretary Janet Yellen was nominated by President Barack Obama on Oct 9, 2013, and Ben Bernanke was nominated by President George W Bush on Oct 25, 2005, and renominated on Aug 25, 2009.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Zealand to end tough Covid curbs, adopt new virus-fighting systemWELLINGTON — New Zealand will adopt a new system of living with the coronavirus virus from Dec 3, which will end tough restrictions and allow businesses to operate in its biggest city, Prime Minister Jacinda Ardern said on Monday (Nov 22).
Source: TODAYonline - 🏆 1. / 99 Read more »
New badminton hall at Suntec Convention Centre opens with 20 courtsTeamsport Arena joins the venue at Singapore Expo as the two largest badminton halls in the country.
Source: YahooSG - 🏆 3. / 71 Read more »
Damian D'Silva’s new restaurant Rempapa will serve some forgotten Singapore heritage dishesTried kai fan and baca assam before? The chef and MasterChef Singapore judge's new restaurant opens on Dec 2, where he hopes a younger generation of diners can engage with their culinary legacy, with 50-odd dishes to choose from.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Blinken holds talks with Tunisia, discusses formation of new governmentUS Secretary of State Antony Blinken spoke with Tunisia\u0027s President Kais Saied to discuss recent developments there, including the formation of the new government, the US State Department said on Sunday (Nov 21). \u0022The Secretary encouraged a transparent and inclusive reform process to address Tunisia’s si
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Dutch police arrest dozens over new COVID-19 riotsTHE HAGUE: Dutch police said on Sunday (Nov 21) they had arrested 48 people after a second night of violent riots erupted over the government\u0027s coronavirus measures. Prosecutors meanwhile updated to four the number of people shot when police opened fire during an \u0022orgy of violence\u0022 in the port city of One sided news. How to believe? Never say how many are involved.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
UK to require charge points for electric vehicles in new buildingsLONDON : Charging points for electric vehicles will be required to be installed in new buildings in Britain from next year under new legislation to be announced by Prime Minister Boris Johnson, his office said in a statement on Sunday.It said the regulations would lead to up to 145,000 extra charge points
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »