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White House To Announce Chair Decision Today: Punchbowl

FED

Punchbowl's Jake Sherman writing on Twitter: "FED ANNOUNCEMENT COMING TODAY The White House will announce whether it will nominate Jerome Powell to a second term today, according to multiple sources with knowledge of the move."

  • Earlier reports had suggested that Pres Biden would make his decision by late Tuesday, prior to the Thanksgiving holiday.
  • Sherman doesn't indicate in his Tweet whether if Powell isn't the nominee, the White House would simultaneously announce his proposed successor.
  • So, little market reaction to the report as it only brings forward the anticipated decision by a day - and doesn't indicate whether Powell is any more favored than he was going into today (he has a 77% implied probability of re-confirmation, per the PredictIt political betting site - Brainard remains 2nd favorite at 23%).
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