U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House's top economic policy position as early as Tuesday
Brainard would replace White House National Economic Council Director Brian Deese, who has announced his resignation.
In addition Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. Rouse has announced plans to depart.Markets' response was muted in Asia hours, with bonds and the dollar steady along with U.S. futures, and analysts said the implications of the appointment weren't very clear.
"We don't know what to infer from this," said Vishnu Varathan, head of economics at Mizuho Bank in Singapore. "Under normal circumstances I would have thought that her advice to Biden would be very pro stimulus," he said.
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