The Covid crisis has put all central banks to the test, especially the European and American ones, which carry a significant share of the weight of the world economy on their shoulders. With inflation taking hold and growth timidly recovering, choices must be made. The ECB seems to have already made up its mind: keep rates low and fight inflation. The Fed is less categorical, especially as an internal struggle is underway, with the Democratic camp trying to steer monetary policy in a direction like the one taken by the Europeans. Jerome Powell\u2019s term renewal (or not) as head of the monetary institution will be the final decision. His term ends in February 2022, so President Biden will have to make a choice in the coming weeks.\t\t