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As Biden Nears Chance to Remake the Fed, the Guessing Game Over Chairman Powell’s Renomination Intensifies
With a chance to remake the central bank in his image, the former senator may take the path of least resistance.
President Joe Biden is facing the opportunity to reshape the Federal Reserve Board and put his stamp on a body that is among the most powerful of American institutions.
Fed Chairman Jerome Powell's term is ending in February, while resignations of other central bank officials have created additional openings.
One idea that long-time Fed watchers believe is plausible is that Biden will announce the renomination of Powell along with names to fill the other openings, including nominating Brainard to the post of vice chairman of supervision with a broad portfolio that includes topics of concern to liberal Democrats.
"He's a very seasoned political operator with great experience in the Senate," David Kotok, chairman and chief investment officer at Cumberland Advisors, says of Biden. "He may give us a slate, with Powell at the top."
Read the full article at the U.S. News & World Report website: https://www.usnews.com/news/economy/articles/2021-11-11/as-biden-nears-chance-to-remake-the-fed-the-guessing-game-over-chairman-powells-renomination-intensifies
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Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.
