US President Joe Biden's pick of Jerome Powell to continue as Federal Reserve chair reassured investors who said it gave some predictability as the central bank prepares to start hiking rates and slows the pace of bond buying.

Many investors had hoped that Powell, nominated as chair by former president Donald Trump in 2017, would be renominated by Biden for another four-year stint. On Monday, Biden nominated Powell for a second four-year term, with Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, as vice chair...

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