The Biden Administration is set to announce whether or not it will renominate current Fed Chair Jerome Powell for a second-term pick, Lael Brainard, on Monday, according to Punchbowl, citing multiple sources with knowledge of the move. 

Powell remains the heavy favourite to secure the nomination, according to most political betting sites. Smarkets implied odds for the renomination of the current Fed Chair currently stand at just over 66.0%. 

Market Reaction 

Markets have not seen any reaction to the news that the announcement could come sooner than expected, but could be choppy on the actual announcement.