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11/23/2020, 8:35 PM (Source: TeleTrader)
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Yellen now leading race to head US Treasury - report

Former United States Federal Reserve Chair Janet Yellen is now the favorite to assume the role of secretary of the Treasury in President-elect Joe Biden's administration, Fox Business reported on Monday citing an unnamed Biden's Wall Street advisor.

She has overtaken the likes of Lael Brainard, who is a member of the Fed's Board of Governors, and former Fed Vice Chairman Roger Ferguson, due to the banks' alleged preference for her appointment, her good relations with the progressive wing of the Democratic Party and the reported ease with which she would be expected to be confirmed for the role by the Senate.

Brainard, on the other hand, is seen as someone who could succeed current Fed Chair Jerome Powell in the future, and the Biden administration is likely to keep her at the Fed mainly for that reason, the source explained.

Breaking the News / MS