FirstFT: Jay Powell re-elected as chairman of the Federal Reserve

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Joe Biden has Nominated Jay Powell In his second term as chairman of the Federal Reserve, he chose to maintain continuity at the delicate moment of the U.S. economy when the U.S. economy faces persistently high inflation and an irregular recovery in the labor market.

Lael Brainard is considered Powell’s main contender for the top position. He was elected as the vice chairman, which is currently held by Richard Clarida.

Biden praised Powell’s response to the coronavirus pandemic, his commitment to the Fed’s full employment and stable price goals, and his defense of the “integrity and credibility” of the central bank during the administration of former President Donald Trump.

The decision ended months of speculation about the Biden administration’s interest in reshaping the Federal Reserve. It comes as the central bank debates how to fine-tune monetary policy in the face of supply-related disruptions and rising inflationary pressures.

What do you think of Biden’s decision to reappoint Jay Powell as chairman of the Federal Reserve?Tell me what you think [email protected]. Thank you for reading FirstFT Asia. -Emily

1. Weak performance in the Asia-Pacific market Most markets in the Asia-Pacific region Fell yesterday Investors began to proceed cautiously this week.Reliance Industries Down more than 4% After the Indian conglomerate revealed that its $15 billion deal with Saudi Aramco was cancelled.And a stake in the recently listed financial services company Paytm Plunge the next day.

2. Elizabeth Holmes describes Theranos’ mission to jurors The founder of Theranos was accused by U.S. prosecutors of defrauding hundreds of millions of dollars from investors. Took a stand In her own criminal trial, she told the jurors: “We think this is a very good idea.”

3. Ernst & Young filed criminal proceedings for leaked Wirecard confidential report Ernst & Young Owned Initiate criminal proceedings A German newspaper published a confidential parliamentary report describing its work for the disgraceful payment company Wirecard. The four major companies told the Financial Times that the criminal proceedings were submitted to the Munich Criminal Prosecutor yesterday.

4. Uber sells cannabis to Canadian customers Uber is Add cannabis To the list of products that can be ordered through its app, but currently only provides pick-up service, and only available to customers in Ontario, Canada. Starting Monday, users in the province can purchase the drug through the new cannabis category in the Uber Eats app and pick it up within an hour.

5. When the car drove into the Wisconsin Christmas Parade, five people died Sport utility vehicle Drive to the Christmas parade Yesterday in the suburbs of Milwaukee, at least 5 people were killed and 48 adults and children were injured. Police said the 39-year-old suspect Darrell Brooks will be charged with five counts of intentional homicide.

In a screenshot of a video posted on social media on Sunday, a red SUV galloped past and then crashed into the crowd during Waukesha’s Christmas parade

Coronavirus Digest

  • Australia will Relaxation of admission requirements For travellers holding visas next month, some of the most stringent pandemic border controls in the world will be significantly relaxed.

  • Covid-19 case US Have Tick In recent days, as the Thanksgiving holiday approaches, many people are expected to travel to reunite with their families. (New York Times)

  • bookstore The epidemic was better than expected.However, the major players in this market now warn of the upcoming Shortage of supply.

  • CEO salary In the FTSE 100 Index, there are Dropped by nearly one tenth This year, due to the company’s control of executive rewards under shareholder pressure.

the day before

Funeral for Congressman David Amess Mourners will reflect on David Amess’s significant contribution to public service, a member of Southend West. Be killed At the constituency surgery meeting last month.

Director General of the International Atomic Energy Agency meets with Iranian officials Rafael Grossi, head of the International Atomic Energy Agency, will Meeting with Iranian officials It will be held in Tehran before the IAEA board meeting next week. (Reuters)

What are we still reading

Chinese exiled encryption machine China’s May ban on cryptocurrency mining has triggered an exodus of miners and a global competition to relocate the millions of bulky, power-hungry machines they use to solve complex problems and earn Bitcoin.From Venezuela to Russia, data collected by FT map Where does the machine end.

The tree diagram shows where 14 major crypto mining companies send their Chinese machines

Modi’s big turn in agricultural law Last week, Indian Prime Minister Narendra Modi (Narendra Modi) made a rare apology when he promised to repeal the controversial agricultural law, making a surprising reversal.Analysts said the decline reflects The ruling party is increasingly anxious Regarding its prospects in Uttar Pradesh’s election next year.

Peng Shuai’s predicament is a headache for China’s Olympics Communist leaders may have underestimated the world’s vigilance about the disappearance of tennis stars, Tom Mitchell wroteOn the contrary, party leaders are more concerned about how to quell — and quickly quell — the rapidly developing scandal.

Where did all the workers go? Unprecedented turbulence in the labor market in the past two years has caused millions of people on both sides of the Atlantic to withdraw from the labor market. Is it the result of reduced migration? Retire early? And will it last?? This is the first part of the Financial Times series analyzing how the pandemic has changed the labor market.

How to push an asteroid out of orbit There is always a hint of Hollywood about rocket launches, but NASA’s mission to leave Earth this week is more dramatic than most people. Written by Anjana AhujaThe mission of crashing a spacecraft into an asteroid to de-orbit is a virtual operation of a strategy that may one day save the planet.

Artist’s impression of the double asteroid redirection test, which is scheduled to intersect the asteroid Didymos and its orbiting moon Dimorphos in October next year © Nasa/Johns Hopkins, APL/Steve Gribben

Your feedback

Thank you readers for sharing their thoughts on U.S. President Joe Biden Diplomatic boycott Beijing Olympics.

“If the United States boycotts the Beijing Olympics for diplomatic reasons, it will affect the world economy. On the other hand, if I only consider Uyghurs and genocide, I strongly support diplomatic boycott. As a small group who is also suffering from genocide and oppression by the Japanese government People who grew up in China, I hope that the US government can speak more for the ethnic minorities in China.” — Minhee Kim, Seoul, South Korea

“The U.S. boycott of the Beijing Winter Olympics will backfire and affect the cooperation needed to make progress on the most pressing issues facing the world. Yes, there is geopolitical competition between China and the U.S. Obviously, nothing China does should be tacitly approved. ; However, the resistance of the United States does not prevent China from realizing its vision… The two countries need more trust, not insult. The Biden administration has recently launched a dialogue with rivals to establish a better way to resolve geopolitical differences. example.” -Gijs Holstege, The Hague, Netherlands

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