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If Biden picks Brainard over Powell for Fed chief, expect an immediate market impact

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If Lael Brainard is named Federal Reserve chair, the market may move to price in a Fed that could be slower to raise interest rates or tighten policy.

Brainard is expected to also be under consideration for either the position now held by Clarida or the one exited by Quarles.

Diane Swonk, chief economist at Grant Thornton, said the market may get it wrong if it paints Brainard as more dovish. Swonk said she views Powell and Brainard as equally competent but her preference is for continuity given the challenges the Fed and economy are facing.

 

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