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What a Brainard departure would mean for the Fed
Lael Brainard, the No. 2 official at the Fed, is a leading contender to become President Biden's top economic adviser, the Washington Post first reported this morning. It raises an important question: If she heads to the White House, what would it mean for the central bank? • 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. Between the lines: Brainard plays a thoughtful and active role in the monetary policy debates we spend a lot of ... (full story)