WASHINGTON (MaceNews) – Federal Reserve Chairman,Jerome Powell’s term expires at the end of January 2022. Market watchers have been reading the tea leaves for signs of which direction the Biden Administration will take. The White House has four upcoming openings on the Fed. This gives President Biden the chance to make his mark on the Fed.
Sources say the president is waiting until October to make an announcement. Battles still loom over the budget and debt ceiling. Many believe Powell’s steering of the Fed make him the likely choice. Politically, the White House believes keeping Powell in his current role helps lure back independents that might have turned away from the president in the wake of the Afghanistan withdrawal.
Some believe Fed Governor, Lael Brainard, also a potential candidate to become Chair, could be appointed to the position of Vice-Chair replacing Randal Quarles whose term expires in October. A Brainard appointment placates the progressive wing of the party. Brainard has often played the foil on the Fed. Some say elevating her to top regulator and keeping Powell as Chair allows the Biden White House to assuage his party and Wall Street.
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Contact this reporter: eric@macenews.com
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