NPR.

This is the Indicator from Planet Money, I'm Darien Woods.

The waiting is over.

I know Indicator listeners have been at the edge of their seats.

President Biden has finally made his choice on who will share the US Central Bank for the

next four years.

So it's the Federal Reserve's job to get as many Americans working as possible and to

keep inflation lower.

To meet these goals is going to require patience, skill and independence.

That's why today I'm nominating Jerome Powell for a second term as chair of the Federal Reserve.

That's right, current chair Jerome Powell.

Our colleague Scott Horsley is joining me now from NPR's Business Desk.

Hi Darien.

So Scott, what do you think of the decision to reappoint Jerome Powell as Fed Chair?

Like were you surprised?

No, this was really the default decision.

This is what the markets were expecting.

This is what the betting markets had predicted would happen.

There was some pushback from progressive Democrats who would have preferred to see someone

like Lail Brainerd, a replace Powell as Fed Chair, and Biden threw a bone in that direction

by naming Brainerd to be Vice Chair of the Fed.

Okay, so what is this new dynamic duo of Lail Brainerd as Vice Chair and Jerome Powell

...