The world this week -- BusinessJoe Biden nominated Jerome Powell for a second term as chairman of the Federal Reserve.Left-wing Democrats had sought to boot Mr Powell out of the job; Elizabeth Warren, a fiery senator, had described him as “a dangerous man” because of his past support for financial deregulation.Their preferred candidate for the top job at the central bank, Lael Brainard, was promoted to vice-chairwoman.That could produce some differences of opinion on bank regulation and Fed policies focused on climate change; Ms Brainard wants more of both.America’s prices were 5% higher in October than they were a year earlier, according to the personal consumption expenditures index, which the Fed uses to measure inflation.Excluding food and energy, prices rose by 4.1%, still more than double the Fed’s long-run inflation target of 2%.Both measures were higher than they were in September; neither has been so high at any point in the past three decades.New Zealand’s central bank raised its benchmark interest rate by a quarter of a percentage point, to 0.75%.It was the second increase in as many months, with predictions of more to come amid a buoyant economy and rocketing housing market.Under pressure over soaring petrol prices, the White House announced that it would intervene in oil markets by releasing 50m barrels from America’s strategic oil reserve in the hope that the additional supply will cause prices to drop.
