US Treasury Sec. Yellen: Up to Biden to decide whether Powell gets second term as Fed chair

US Treasury Secretary Janet Yellen told CNBC on Tuesday that she trusts the US Federal Reserve to make the right decisions and added that the central bank is trying to sort through the effects of supply bottlenecks, as reported by Reuters.

When asked about the possibility of the FOMC Chairman Jerome Powell remaining in position for a second term, Yellen noted that it's up to President Biden to decide on that matter. 

Market reaction

These remarks were largely ignored by market participants and the US Dollar Index was last seen rising 0.15% on the day at 93.94.