News Analysis President Joe Biden has announced he would nominate current Federal Reserve Chair, Jerome Powell, for a second four-year term. The announcement comes after months of speculation and indecision as the Biden administration resisted calls from other factions of the Democratic Party to remove Powell. With Powell likely to be confirmed he now faces the unenviable task of navigating the current inflationary surge and quelling any possibility of inflation spiraling out of control. Earlier this month the Bureau of Labor Statistics (BLS) reported that inflation hit 6.2 percent over the last 12 months, the largest annual increase in over 30 years. This surge in inflation is, at least in part, driven by the pandemic. With supply chain disruptions and the current global economic recovery brewing the perfect storm for global inflation.  In the United States, the largest movers in inflation have been areas directly affected by these forces with …