Brian Deese heads up US President Biden's National Economic Council but will be departing soon. I don't have a firm date but US Spring or Summer is mooted.
Federal Reserve Vice Chair Lael Brainard and deputy Treasury Secretary Wally Adeyemo are leading contenders to replace Deese.
US political pundit site Axios mulls what Brainard's departure from the Fed would mean. In brief:
- One answer is that it would make her the odds-on favorite to be the next Fed chair, if Biden is re-elected. But that was already the case. There would be a more immediate impact on the Fed if she departs for 1600 Pennsylvania Avenue.
- Brainard plays a thoughtful and active role in the monetary policy debates
- It's not an exaggeration to say that while Jerome Powell chairs the Fed, Brainard runs the place, in the sense of overseeing a vast swath of the central bank's actual on-the-ground operations
Brainard leans a little dovish when compared with many others on the Federal Open Market Committee (FOMC). This representation comes via BoA:
