Brainard would replace Richard Clarida in the vice-chair slot and may face opposition from Senate Republicans for her confirmation. She was interviewed by Biden for the chair position and was seen as a strong contender for the separate job of vice chair for supervision, which remains vacant. Powell also had to answer for an ethics scandal after trading revelations by some senior Fed officials. A graduate of Harvard University, Brainard served in Bill Clinton’s White House as deputy national economic adviser. Powell said this month he won’t consider hiking rates until the labor market shows greater signs of healing.

Source: The Edge Markets November 22, 2021 20:19 UTC