Why the Fed’s only Democrat could unseat the current chair

Nearing a decision on who should lead the Federal Reserve, President Biden brought two contenders into the White House last week: the current chair, Jerome H. Powell, and Fed governor Lael Brainard.

White House officials have stayed in touch with Brainard since her meeting with Biden, and the administration emphasizes that no final decision has been made. But the conversations underscore how the White House could be looking to make a change by picking Brainard for one of the world’s most powerful policymaking roles, despite Powell’s popularity and his record steering the economy out of the...