WASHINGTON, D.C.: President Joe Biden on Monday (Tuesday in Manila) tapped Jerome Powell to serve a second term as chairman of the US Federal Reserve, allowing him to keep leading the response to the economic damage caused by Covid-19 while dealing with a wave of record inflation.

The nomination, expected to win confirmation by the Senate, ends weeks of speculation over whether Biden, a Democrat, would reappoint the Republican chairman, or heed calls from the left wing of his party to replace him with a candidate like Fed Governor Lael Brainard.