Wall Street eyes four more years for Powell at Fed

Wall Street expects Powell, who was nominated for the role by President Donald Trump in 2017 and confirmed by the Senate, to be renominated by President Joe Biden for another four-year stint."I think the market would like that because it is continuity and they have become comfortable with him, he's a known quantity," said Keith Lerner, Co-Chief Investment Officer at Truist Advisory Services. "In general, I think the Street has a positive view.

The U.S. stock market has rallied during Powell's tenure, fueled by the U.S. central bank's extraordinary measures to shield the economy from the coronavirus pandemic. Under Powell, the S&P 500 has surged about 60%, in line with the index's gain during Yellen's four years in charge of the Fed, when Wall Street extended its recovery from the 2008 financial crisis into a nearly decade-long bull market.Fed heads and the S&P 500

The Biden administration is actively discussing a decision about the next Fed chair, according to people familiar with the matter, although White House press secretary Jen Psaki has declined to comment in recent days on the president's timeline. A nomination between the previous Fed meeting and the one in November would match a point in the calendar when the last two Fed chair appointments have been announced.

Biden's decision comes at a critical juncture for the central bank. With the U.S. stock market trading near record highs, investors expect the Fed to begin tapering its bond buying program in November, following guidance from Powell after the central bank's most recent meeting on Wednesday.Many investors were also surprised by a hawkish tilt from the central bank on future rate increases, with nine of 18 U.S. central bank policymakers projecting borrowing costs will need to rise in 2022.

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