If Lael Brainard is named Federal Reserve chair, the first move by financial markets may be to price in an even more dovish central bank.

That means the Fed would be expected to take longer to raise interest rates or tighten policy than under Fed Chair Jerome Powell. Currently, traders are expecting the central bank to begin raising rates in the second half of next year, once it winds down its bond-buying program.

Until just recently, Powell was expected to be renominated to the chairmanship, but President Joe Biden has now interviewed both Powell and Brainard and is expected to make an announcement by the weekend.