Five Things You Need to Know to Start Your Day

Fed speculation reaches fever pitch, Biden’s legislative battle continues, and Europe locks down.

The world wants to know who is going to lead the Federal Reserve from February next year, and everyone has an opinion on it. Democratic Senator Joe Manchin is looking to meet with Fed Governor Lael Brainard and have a follow-up conversation with current Chair Jerome Powell, according to a person familiar with the matter. President Joe Biden is expected to announce a Fed decision before the Thanksgiving holiday. Senate Banking Committee Chairman Sherrod Brown said this week he has no doubt the Senate would confirm either Powell or Brainard, the two frontrunners. Either decision could provide a narrow window of opportunity for traders in rates and foreign-exchange markets, even if reaction to the news is short-lived. Meanwhile, the Very Important Pundits are hating on Fed policy as inflation breaks loose, yet the smart, legacy-building move could be holding steady in order to maximize employment.