By Economic & Finance Report:
President Joe Biden will be nominating a Federal Reserve chair within the next few days, his administration has indicated. The global markets are in favor of Jerome Powell continuing to chair the Fed, but there has also been some speculation that Fed Gov. Lael Brainard may be a strong candidate for the top Fed leadership role.
Fed Chair Powell’s term ends next year in 2022, so the most president’s tend to determine ahead of time whom the next Fed Chair will be. The markets have favored Powell because of his keen implementation on policy during the Coronavirus pandemic.
In policy Mr. Powell has been an ideal policymaker for investors and Wall Street, who have given high praises to Powell’s policy indications. Gov. Brainard has many similar policies and perspectives as Powell, and many financial and economic experts do not believe if Gov. Brainard is chosen as the next fed chair, her policies would differ from Chairman Powell’s much. -SB
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