US Treasury Secretary Janet Yellen supports a reappointment of Jerome Powell as chairman of the Federal Reserve, the umbrella organization of central banks in the United States.
Yellen said that to officials at the White House, according to sources told Bloomberg.
Powell’s first four-year term at the central bank ends in February. President Joe Biden has not yet decided on a possible reappointment and is expected to decide in September.
According to insiders, the White House is still examining other candidates, including Fed director Lael Brainard.
Experts think that Yellen’s support for the reappointment of Powell will significantly increase his chances of becoming Fed chairman again. Yellen was also president of the US central bank in the past.
Furthermore, Powell would be seen by investors on Wall Street as a solid driver who has helped the US economy well during the corona pandemic with interest rate cuts and stimulus programs.