US Treasury Secretary Janet Yellen has told senior White House advisers she supports reappointing Jerome Powell as Federal Reserve chairman, according to sources.
President Joe Biden has not yet made a decision, the sources said. They said he is likely to do so on or around Labour Day.
Mr Powell was elevated to Fed chairman by President Donald Trump in 2018, replacing Ms Yellen. The position has a four-year term.
Officials at the White House and the Treasury declined to comment.
The White House has been looking more widely for possible candidates for the position, according to sources. A team of advisers has been examining the public speeches and comments of candidates to consider, paying special attention to views on the labour market, they said.
Uncertainty about the economic impact of the Delta variant of the virus may trigger more caution about changing leadership at the Fed in the midst of a crisis, two of the sources said. The next few months may prove particularly, with the coronavirus casting more unease about the pace of the economic recovery, including the path of monetary policy.
Ms Yellen’s backing gives Mr Powell an enormous boost as her almost two decades of experience at the central bank, including four years at its helm, make her counsel valuable.
For Mr Powell and his backers, including Republican politicians and many on Wall Street who view him as a safe pair of hands, a signal of support from Ms Yellen comes at an important time. Mr Powell will deliver a much-anticipated speech on Friday at the Kansas City Fed’s annual Jackson Hole symposium, possibly signalling when and how the central bank is likely to begin withdrawing some of its extraordinary support for the economy.
While interest rates are expected to remain near zero at least well into next year, several Fed officials have signalled their eagerness to begin reducing the size of monthly bond purchases this year. Mr Powell has promised not to surprise markets with that eventual move.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The specs
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Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
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Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
