Whether President Joe Biden chooses to reappoint Jerome Powell or to nominate Lael Brainard to be the next Fed Chair, it is unlikely in itself to have much impact on the near-term outlook for monetary policy. With up to three other vacancies for Biden to fill, however, the Fed Board is likely to end up at least as dovish as it is now, may adopt a tougher line on financial regulation, and could also take more explicit steps to combat broader issues like inequality and climate change.
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