The appointment of Lael Brainard to be the director of the White House National Economic Council looks to be a done deal.
That will leave a big hole at the Federal Reserve, where she is currently vice-chair, and, as we've noted previously, plays an outsized role both in terms of management and as a voice on policy.
Between the lines: President Biden will look to appoint a new No. 2 official at the Fed, with multiple factors in play.
He presumably will seek a candidate who is dovish — sympathetic to workers and reluctant to push unemployment higher — but also analytically rigorous and thus able to persuade colleagues around the table at the Federal Open Market Committee.
Given the hole left by Brainard's departure, Biden may seek someone with serious management chops and ability to act as a deputy to Chair Jerome Powell in actually running a far-flung agency with responsibilities far beyond interest rate policy.
Diversity will be an issue as well; the Fed chair, vice-chair for supervision, and New York Fed President are all currently white men. Senator Bob Menendez, a Banking committee member, has assailed the central bank for lack of Latino representation in its top ranks.
One more piece of Fed appointment intrigue. Governor Lisa Cook only took office in May of last year, but she took over the tail end of a term that expires January 31, 2024, meaning her time is up less than a year from now. So Biden also faces a choice later this year of either appointing her to a full 14-year term, or turning elsewhere.
Chinese manufacturers and tech companies are playing an increasing role as the U.S. supply chain for electric vehicles and batteries grows to satisfy demand.
Why it matters: More supply chain investments mean more EVs, which advocates say are critical to making transportation sustainable.
This Valentine's Day, guard your heart and your wallet.
Driving the news: The Federal Trade Commission reports that in 2022, 70,000 people reported losses from so-called "romance scammers," losing a whopping total of $1.3 billion, with a median reported loss of $4,400.
Christine Wilson, the sole remaining Republican on the Federal Trade Commission (FTC), announced Tuesday that she is resigning from her position.
Driving the news: In an opinion published in the Wall Street Journal, Wilson accused FTC chair Lina Khan of abusing her authority and "undermining the commission structure that Congress wrote into law."
President Biden has selected Lael Brainard, currently the vice-chair of the Federal Reserve, to replace Brian Deese as the National Economic Council director, according to people familiar with the matter.
Why it matters: Brainard, who served as undersecretary of the Treasury for international affairs under former President Obama before joining the Fed, will bring a PhD and a deep understanding of the domestic and global economy into White House’s inner circle.
The cryptocurrency exchange Kraken has been valorized in the crypto world recently because of its loss to the U.S. Securities and Exchange Commission over the issue of "staking."
Why it matters: Who may and may not participate in staking — the process of checking transactions on various cryptocurrency networks — will have implications for another point of tension between blockchains and nation-states: international sanctions.
Why it matters: The software comes after a recent challenge on TikTok encouraged thieves to target these vehicles, which the NHTSA says has resulted in at least 14 crashes and eight deaths.
Lee Enterprises is telling some employees that they will need to take a two-week, unpaid furlough or accept a salary reduction, according to an internal memo obtained by Axios.
Why it matters: Since thwarting a hostile takeover from Alden Global Capital last year, Lee's struggles have deepened, prompting some Lee staffers to wonder if hedge fund ownership would have been better.
Time plans to launch a new commerce website next quarter powered by content created by a team of editors and writers at Taboola, executives told Axios.
Why it matters: "It's it's a long-term investment," said Taboola CEO Adam Singolda, referencing the five-year agreement between Taboola and Time.
Rush Limbaugh's death two years ago this week left a void in conservative media that younger, more versatile contenders are still trying to fill.
Why it matters: Today, no one radio host commands the same level of power and influence that Limbaugh did, but a number of new voices are emerging — blending the reach of traditional and digital platforms — and collectively proving to be more powerful in shaping conservative opinion for younger audiences.
Consumer prices rose at a more rapid monthly pace in January, the Labor Department said on Tuesday — interrupting a monthslong streak of cooler inflation readings.
By the numbers: The Consumer Price Index rose 0.5% last month, as prices for food, energy and apparel accelerated at a more rapid pace. In the 12 months through January, inflation was 6.4%, compared to 6.5% in December.
With interest rates up and the stock market wobbly over the last year, investors have flocked to annuities.
Driving the news: Sales of annuities jumped 22% to a record of roughly $310 billion in 2022, the New York Times reported, citing data from an insurance industry trade group known as LIMRA.
Most industries welcome product placement on TV shows. But what if your product is mushrooms — and they're seen atop zombie heads, or threaded through their decomposing bodies, during the apocalypse? Not so appetizing.
What's happening: The mushroom industry is so far sanguine about "The Last of Us," the apocalyptic HBO series in which a fungus infects the world, turning people into mushroom zombies.
The U.S. securities regulator has made clear with two recent enforcement actions that it views most crypto products and services as securities — the agency’s simplest and broadest warning to date about what companies in the industry can't do.
Why it matters: In causing the exchange Kraken to shut down its staking program — a common service offered by many in the industry — the regulator has made it clear that some of crypto's biggest names may now be drawn into its crosshairs.
Fox's Sunday evening telecast of the Super Bowl drew 113 million viewers across digital and traditional TV platforms, making it the most-watched Super Bowl since 2017, according to ratings from Nielsen.
Why it matters: A nail-biter finish to a high-scoring game, along with a buzzy halftime show, proved to be the perfect formula for winning America's attention.
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