Watch CNBC's Jim Cramer discuss Fed Chair Powell's renomination, Home Depot shares and more

Mad Money host Jim Cramer and the 'Squawk on the Street' team discuss President Joe Biden's decision to renominate Jerome Powell as Federal Reserve chairman. Biden has also named economist Lael Brainard, who was widely seen as a potential candidate for the U.S. central bank's top job, as vice chair. Cramer explains why the decision is a sign the administration considers inflation transitory and "is not here to stay."