On a crisp and clear autumn day a week ago, US president Joe Biden pardoned two turkeys ahead of the Thanksgiving holiday, and called Jay Powell to offer him a second chance as chair of the central bank.
“At this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve,” Biden said this week.
Biden’s nomination of Powell for a new four-year term at the helm of the Fed was far from an act of presidential mercy — even though it took him weeks to settle on the decision.
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