US President Joe Biden kept the current US Federal Reserve Chairman Jerome Powell in his position, as expectations were largely for another four-year period, as Biden supported Powell’s presidency and his term despite its difficulty and what happened to it such as the inflation crisis and the pandemic recession.

And the US President announced the appointment of Lyle Brainard as Vice President instead of Clared, as Brainard was the only Democratic Party within the Federal Board of Governors, which competed with Powell, the Republican, for the presidency of the Fed.

Powell is now awaiting approval of his re-nomination by the Senate and then being confirmed, which is highly expected to begin his second term in February.

The market’s reaction was optimistic, as it came as expected, with the US dollar rising to new highs for the year 2021 at 96.38, up by about 0.35% today, Monday, while gold is trading down, affected by the strength of the US dollar at levels of 1815 dollars per ounce, with a loss of about 1.5%.

On the other hand, the reaction of the US markets was positive, as the Dow Jones is trading up by about 286 points, while the Nasdaq is up by 138 points.