The policy differences between Jay Powell and Lael Brainard — the only names on Joe Biden’s shortlist for Federal Reserve chair — are narrow. The president was nevertheless sensible to prioritise continuity over change by renewing Powell for a second term. It is doubtful that picking Brainard would have had much impact on the speed with which the Fed plans to tighten in the near future, though the markets see her as mildly more dovish than Powell.
喬?拜登(Joe Biden)最后中意的美聯儲(Fed)主席人選只有杰伊?鮑威爾(Jay Powell)和萊爾?布雷納德(Lael Brainard)，這兩人的政策差異很小。不過，總統更看重持續性而非變化，決定讓鮑威爾連任，這是明智的。盡管市場認為布雷納德略微比鮑威爾鴿派，但選擇布雷納德是否會對美聯儲計劃在不久之后收緊貨幣政策的速度產生很大影響還是個疑問。
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