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.
乔•拜登(Joe Biden)最后中意的美联储(Fed)主席人选只有杰伊•鲍威尔(Jay Powell)和莱尔•布雷纳德(Lael Brainard)，这两人的政策差异很小。不过，总统更看重持续性而非变化，决定让鲍威尔连任，这是明智的。尽管市场认为布雷纳德略微比鲍威尔鸽派，但选择布雷纳德是否会对美联储计划在不久之后收紧货币政策的速度产生很大影响还是个疑问。
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