President Biden announced Monday that he will renominate Federal Reserve Chair Jerome H. Powell to lead the central bank for a second four-year term. It is the right move. Mr. Powell, a Republican appointee, has been a steady, thoughtful leader through challenging times. His reappointment is in keeping with precedent and signals that Mr. Biden respects the independence of the Federal Reserve. That is key today as rising inflation provokes understandable anxiety.
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