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A Brainard Fed could finally openly embrace the world

Lael Brainard, the Federal Reserve politician whom Joe Biden interviewed for the world’s most powerful economic job, is often referred to as a dove. Translated from central bank jargon, this means that it is committed to low interest rates. The lower the better; the longer, the more desirable the economic and social results. This n -kin sketch misses an important part of her  -proach: she is an unabashed internationalist in an institution that sometimes seemed deaf to the rest of the world. For years, the territory beyond US borders has had a growing influence on the central bank, but leadership has hesitated to announce it too loudly. Brainard, whose stricter line on banking regulation has found fans among progressives, was one of the people who urged the Fed to adopt a more expansive view of politics that responds to developments in Asia and Europe. If Biden chooses her as the next Fed chair, the world economy could come out of the cold. The White House is considering granting incumbent Jerome Powell a second term of four years, broadly in the most recent tradition, or  -pointing a person of his own – always a temptation when it comes to Fed  -pearances. Brainard is a veteran of the previous two Democratic governments, and her name was published after Biden was elected as Treasury Secretary last year. That role eventually went to Janet Yellen, herself a former Fed chief. (Many economists say Powell is still the likely choice, if not the safe bet he looked a few months ago.)

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