Yellen backs Powell for second term as Federal Reserve chair

US Treasury Secretary's endorsement is thought to have given a powerful boost to Jerome Powell

Janet Yellen's backing of Jerome Powell to continue in his role as Fed chairman sends out a soothing signal of continuity as the US economy recovers from the pandemic.  

US Treasury Secretary Janet Yellen is understood to have told senior White House advisers that she supports reappointing Jerome Powell as Federal Reserve chair, a move that greatly increases his chance for a second term.

US president Joe Biden hasn’t made a decision yet and is likely to make his choice around Labor Day, early next month.