NEW YORK—A potential renomination of Jerome Powell at the helm of the U.S. Federal Reserve would provide a needed sense of stability as the central bank prepares to pull back its emergency-level support, investors say, even while some chide the Fed chief for policies they say have pumped excessive liquidity into markets. Wall Street is widely expecting that Powell, who was nominated for the role by President Donald Trump in 2017, will be renominated by President Joe Biden for another four-year stint. His current term, which runs out in February 2022, has proven positive for risk assets, with the S&P gaining 71 percent since his appointment on Feb. 5, 2018 and hitting a series of new records in part helped by emergency measures the Fed launched in response to the coronavirus pandemic. Biden’s administration is actively discussing who should be Fed chair according to people familiar with the matter, although …


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