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FED
The betting market odds re: current Fed Chair Powell being offered the opportunity to serve a second term took another hit on Tuesday, narrowing as the odds surrounding President Biden picking current Fed Governor Lael Brainard received another boost.
- To recap, Tuesday saw Biden tell reporters that he would make an announcement on the matter in the next four days. A BBG source later suggested that the announcement may slip into next week, while pointing to a 2-horse race between Powell & Brainard (in line with broader expectations). The BBG source noted that "Biden considers them both strong options and respects them both." The continued neck-and-neck race (at least in press portrayals) is continuing to erode Powell's early frontrunner status.
- Senate Banking Committee Chairman Sherrod Brown flagged a sense of certainty when it came to the chances of confirmation of either of the leading candidates.
- Democratic Senator Joe Manchin has noted that he will speak with Powell in the next few days.
Fig. 1: Odds re: Whom Will The Senate Next Confirm As Chair Of The Federal Reserve?
Source: PredictIt
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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