Biden taps Jerome Powell for second term as Fed chair, spurning progressives

President Biden announced Monday that he will nominate Jerome Powell to a second term as chairman of the Federal Reserve, signaling that he believes the battle-tested central bank chief, who navigated the U.S. economy through the depths of the worst recession in nearly a century, is the best person for one of the most high-stakes jobs in the world.

The announcement ends months of speculation over whether Biden would stick with Powell, a Republican nominated by former President Donald Trump in 2017, or attempt to reshape the central bank by tapping Lael Brainard, the sole Democrat...