The race is heating up between Powell and Brainard

Bloomberg sources said that Brainard was interviewed for the top job when she visited the White House last week, reaffirming the view that Biden is seriously considering an alternative to Powell as Fed chair for the next four years.

A decision will have to be made soon with Powell's term set to expire in February as Congress will also need time to consider any nominations and vote on it - more so if the choice isn't to reappoint Powell for the Fed chair position.