Jerome Powell, Chair of the Federal Reserve, is set to serve another four year term.

Overnight President Joe Biden announced that Powell would be renominated for another term.

While he now has to face a hearing before the senate, it appears a fait accompli with most Republicans and Democrats in support.

In renominating Powell, Biden said the Federal Reserve needed stability and independence at a time of great uncertainty as well as to address and mitigate the risk that climate change poses to the financial system.

Biden did not confirm that the money printer does indeed go brrrrr. But we’ve still taken the liberty to throw in this gif accompanying Powell’s renomination:

In March 2020, US interest rates were reduced to zero and have stayed there ever since.

The Federal Reserve has also provided emergency stimulus but there are signs it may begin to be pared back next year – particularly inflation levels not seen in three decades.

His reappointment initially sent US markets higher before the major indexes lost ground into the close.

Local stocks have posted a small rebound from yesterday’s fall , with the ASX 200 up 0.63% as at 11.30am (AEDT).

While energy rebounded from yesterday, gaining 2.56%, tech fell again by 3.29%.

Other positive sectors were materials, financials and utilities which all gained over 1%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 23 [intraday]:

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Debuting today was racing industry solutions provider Ras Technology (ASX:RTH) which gained 13% on its ASX listing.

Buru Energy (ASX:BRU), a WA focused gas explorer, rose after an operational update.

Ironbark Zinc (ASX:IBG), an explorer with a zinc project in Greenland, revealed its project qualified for privileged 402(A) support status under the USA’s recently introduced China and Transformational Export Program. The company says this is the first funding application of any kind to receive standalone designation.

And 4D Medical (ASX:4DX) told shareholders its XV lung monitoring software would be rolled out commercially with I-MED, Australia’s largest diagnostic imaging provider.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 23 [intraday]:

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Constellation Resources (ASX:CR1) fell after an exploration update.

Video equipment specialist Atomos (ASX:AMS) fell after a financial update despite confirming its FY22 guidance forecast albeit based on the assumption supply chain issues would improve.