What to watch in the Fed's new era

Here's what to watch:

Inflation-jobs tango: Acting to tamp down inflation could test Powell and Brainard's top pursuit: a labor market so strong even marginalized workers reap the benefits.

Climate change: The Fed has stepped up considerations about the risks climate change poses to the economy — a charge largely led by Brainard.

• Environmentalists see Powell as too slow to act on climate, but they're enthusiastic about Brainard's elevation, according to Axios Generate co-author Andrew Freedman.

Wall Street's rules: Some were loosened under the Fed's last bank cop. A nominee for that post (vacant since October), which helps shape policies for financial regulation, is weeks away.

• Biden is facing pressure to put up someone who's tough on regulations. Brainard was not shy about wanting more requirements.
• Taken together, it's a sign that top decision-makers will be tilted to a stronger hand.