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President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.

Why it matters: Inflation is threatening Bidens $2 trillion social spending and climate package, and Biden wants to save his political capital with moderates for that fight.

Driving the news: Biden wasnt willing to forsake Powell for a marginally more progressive candidate, like Fed governor Lael Brainard, simply to appease Sen. Elizabeth Warren (D-Mass.), who called Powell a dangerous man to his face in September.

The big picture: Powell and Brainard, colleagues on the Fed, appear not to have substantially different views on inflation and how quickly to remove stimulus from the economy.

What they are saying: Bidens gambit appears to have worked, with important Senate Democrats, and Republicans, promising to confirm him.

The other side: Warren vowed to oppose Powell while promising to support Brainard.

What we're watching: Biden hinted that progressives may be more pleased with his future Fed picks, promising that diversity would be a key factor in filling three other positions.

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Biden's Fed pick puts progressives on notice - Axios