Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy

President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman — a move that signals continuity with the central bank's policies at a time when the economy faces critical challenges, including surging inflation

Biden also nominated Fed governor Lael Brainard to serve as Vice Chair. Brainard had been seen as a leading contender to replace Powell.

Under Powell and Brainard, who's currently a Fed governor, the Fed has kept interest rates near zero despite the current high prices for all kinds of...