Eberly Emerges as Frontrunner to Be Biden’s Fed Vice Chair Pick

Bloomberg2023-03-09

Northwestern professor seen as a dovish voice, analyst saysA final decision has not yet been made, people familiar sayJanice Eberly Photographer: David Paul Morris/BloombergNorthwestern University ...

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Aidukas
2023-03-09
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A final decision has not yet been made, the people said.One of the people said things are moving in her direction but Biden has yet to interview her.The White House did not immediately respond to a request for comment on Wednesday night.The Biden administration has indicated that it wants to fill the crucial position relatively soon, as the US central bank continues its aggressive campaign to quell inflation and opens the door to further, faster rate increases. Biden’s nominee must be confirmed by the US Senate, where Democrats hold a slim majority.White House Press Secretary Karine Jean-Pierre said Monday that the White House would announce developments “in the near future.”Some progressives are urging the White House to fill the vacancy with someone who would do more to defend the Fed’s mandate to support the labor market, and be less likely to push for further interest-rate hikes they warn could derail the economy.The Fed has raised rates from near zero a year ago to a range of 4.5% to 4.75% to try to cool persistent price pressures. Chair Jerome Powell told lawmakers this week rates are likely tomove higherand potentially faster than officials previously expected if economic data keeps coming in hot.Bharat Ramamurti, deputy director of the White House National Economic Council, told Bloomberg Television this week that the administration wants to “find somebody who truly believes in the Fed’s dual mandate, somebody who believes in the president’s economic vision.”Biden has also been urged to choose a Latino candidate to succeed Brainard, with 34 lawmakers signing a letter calling for such a trailblazing appointment.Eberly, if nominated, could run into opposition from lawmakers who have pushed for more diversity among the Fed’s upper ranks, testing Biden’s support in the Senate.Other names that have been in the mix for the role include Harvard University professor Karen Dynan, who along with Eberly was seen as a leading candidate for the position.While Dynan also held a key role in the Obama administration, succeeding Eberly as chief economist at the Treasury, Eberly is seen as the more dovish of the two, Bloomberg Chief US Economist Anna Wong wrote in a research analysis.Dynan would be one of the Fed’s most hawkish voices, Wong projected. “Eberly, on the other hand, might be closer to Brainard in her optimism that the Fed can get inflation back to target without generating a significant slowdown in the labor market,” Wong wrote.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":9949393931,"gmtCreate":1678343895023,"gmtModify":1678343898940,"author":{"id":"4133623950260892","authorId":"4133623950260892","name":"Aidukas","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":11,"crmLevelSwitch":1,"authorIdStr":"4133623950260892","idStr":"4133623950260892"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949393931","repostId":2318787232,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":8,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2318787232","isCrawlerRequest":true}