Jay “Brrrr” Powell, Lael “Brrrr” Brainard Both Seen At White House On Thursday
Shortly after the WSJ reported late on Thursday that Jay “Brrrrr” Powell was seen visiting the White House on Thursday, a visit that some said was likely to cement the Fed chair’s renomination for one more term even as Biden says he still hasn’t made a decision on Fed chair nomination amid vocal opposition from progressives such as Liz Warren who would prefer Clinton-supporting uberdove Lael Brainard to be the head money printer of the US, moments ago Reuters reported that Brainard was also seen at the White House on Thursday, potentially complicating the nomination calculus unless of course Biden wants to reprise Squid Games and let only one leave.
Or maybe not, because according to predictit, after pilling dangerously close in recent days in the aftermath of the Fed’s insider trading scandals…
… Brainard odds of replacing Powell have collapsed.
Which would make sense: Brainard is seen as far more “progressive” (i.e., more brrrrrr) than Powell, who’s been endorsed by Yellen. As such she’d face a more challenging nomination process in the evenly split Senate.
Still, at some point Brainard will become Fed chair – after all someone has to push through the $150 trillion “net zero” QE boondoggle; and until then, Brainard will most likely be promoted to the post recently vacated by Randy Quarles, as she becomes bank supervision head.
In any case, Bloomberg adds that it wasn’t clear if Biden met with either Powell or Brainard, and notes that Biden has not yet made a decision, according to people familiar with the matter. To be sure, Biden is certainly late as traditionally the president has made a decision by this time ahead of the renomination date.
On Thursday, Axios reported that the White House called for a meeting between Federal Reserve Chairman Jerome Powell and Democratic senators before Thanksgiving amid opposition from leading progressive Sen. Elizabeth Warren (D-Mass.) to his renomination, people familiar with the situation told Axios.
It wasn’t clear if Powell was also expected to give Senate Democrats some hot stock tips.
Fri, 11/05/2021 – 11:38