Is Joe Biden ready for the looming war with the Fed?

He isn’t especially bothered by global warming. He doesn’t think monetary policy has very much, if anything, to contribute to combating racism, promoting gender equality, or making the world a fairer place. And he doesn’t want to go to war with Wall Street, or bring any billionaires to heel. By re-appointing Jay Powell, a Republican first chosen by Donald Trump, as chairman of the Federal Reserve, Joe Biden has finally stood up to the Democratic party’s left wing. And yet, perhaps without realising it, Biden is also setting up what will sooner or later turn into an epic fight with the central bank over economic policy. This is a battle that could make or break his presidency.

After all, there is no more important position in the global economy than the chair of the Federal Reserve. The person running the central bank of the United States controls what remains the world’s reserve currency.