Advisers to President Joe Biden are considering recommending Mr Powell as chairman of the Fed, along with governor Lael Brainard as vice chairman, in a move that should appease those in the progressive camp who oppose Mr Powell's reappointment, according to people familiar with the matter. Powell was appointed chairman of the Federal Reserve by former President Donald Trump.

Mr. Biden has not yet assessed the Fed's personnel decision, and he is not expected to make a decision until the fall, people familiar with the matter said.