POLITICO Look For Decision On Next Fed Chair By Thanksgiving

POLITICO note that "President Biden last week said he intended to announce his nominees to the Federal Reserve board - another vacancy opened up today with Vice Chair Randall Quarles' announcement that he is resigning - "fairly quickly," but he wouldn't say whether he planned to replace Chair Powell. Powell's seat is up in February, but there are whispers the announcement is coming soon. Two sources with knowledge of the process said they expect a decision to be made by Thanksgiving at the latest."

• "Fed officials will be in their so-called blackout period - in which officials refrain from making any public remarks or appearances - from Dec. 4 through their next policy meeting on Dec. 14-15. An announcement would likely need to come before then to leave enough time for the Senate to consider the nomination before Powell's current term expires in February."
• "Given the market jitters that can accompany such a nomination, previous administrations have forecast a potential successor at the central bank well in advance. This White House, however, has dragged out the "will he, won't he" anticipation surrounding Powell, a Trump nominee, while remaining largely mum on it's timeline and leanings, both in public and private."
• "A Democratic consultant with close ties to the administration, meanwhile, seemed dubious that Brainard, who was also mentioned as a possible pick to lead the Treasury Department under Biden, would get the nod. "Seems like the only push is coming from Lael herself," the consultant said, although some progressive groups have also advocated for Brainard to replace Powell."
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