Five Things You Need to Know to Start Your Day

Powell faces serious rival for Fed chair, a big day for oil, and Europe starts reintroducing Covid restrictions.

Federal Reserve Governor Lael Brainard was interviewed for the role of Federal Reserve Chair at the White House last week, according to people familiar with the discussions. She is a serious rival for current Chair Jerome Powell whose term ends on Feb. 2. President Joe Biden previously said he would announce his pick for the position “fairly quickly.” Federal Reserve Governor Randal Quarles announced he would be stepping down at the end of the year, handing Biden another vacancy to fill on the board which already has one open seat and will have yet another in January when Vice Chair Richard Clarida’s term expires.