(C) Reuters. FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque/File Photo
By Jeff Mason
ABOARD AIR FORCE ONE (Reuters) -President Joe Biden will likely decide on who he will nominate to head the U.S. Federal Reserve before Thanksgiving, a White House spokesperson said on Wednesday, a day after Biden said he would come to a decision in about four days.
“The president continues to engage with his senior economic team,” Deputy White House Press Secretary Chris Meagher told reporters aboard Air Force One.
The president has been weighing whether to keep current Fed Chair Jerome Powell for a second term or promote Fed Governor Lael Brainard to the post, a Biden administration official said last week.
Whoever he selects – Powell, a Republican elevated to the role by then-President Donald Trump, or Brainard, a Democrat and Ph.d. economist on the Fed board since 2014 – the next Fed chief will face tough decisions on how to handle supply bottlenecks, whether to raise interest rates and how to address inflation.
Asked about his timeline for a decision on Tuesday, Biden told reporters: “As my grandfather would say, with the grace of God and the goodwill of the neighbors, you’re gonna hear that in about four days.”
Biden likely to make decision on Fed chair before Thanksgiving -White House
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.