US President Joe Biden on Monday said that he believes Fed Chair Jerome Powell to be the right person to pursue the goal of full employment and tackle inflation, according to Reuters. In a speech addressing the economy and to explain his decision to renominate Powell as Chairman of the Fed for another term, Biden explained that Powell's steady and decisive leadership put the economy on the road to a robust recovery.

Moreover, Biden praised Powell for maintaining the integrity of the Fed during the previous Trump administration years. Biden also praised Brainard as a qualified and dedicated public servant, as well as a steadfast voice for financial regulation. Finally, President Biden said he looks forwards to adding more members to the Fed board over the coming weeks. 

Market Reaction

There was no market reaction to Biden's remarks. The big moves of the day (dollar up, yields up, stocks up initially, then underperformance in tech amid higher yields) have already happened after the news of Powell's nomination as Fed chair.