project, says wessel... >> so this is port covington. it's an industrial area that's being turned into retail, office and hotels. >> reporter: a $5.5 billion project on property owned by the c.e.o. of under armour. >> he got $600 million worth of subsidy from the city, a brownfields tax credit from the state, and a quarter of a billion dollars from goldman sachs-- goldman's own money-- to start this project, before opportunity zones ever arrived on the horizon. this is a project that is an example of people getting a tax break for investing in a project that was already underway and already had some big pocket investors. >> reporter: and, how did it qualify? is this a poor area? >> this site was not originally an opportunity zone. it wasn't even eligible to be an opportunity zone. >> reporter: but, it was next to an old so-called empowerment zone from the clinton era. >> and it turns out, over there under-- under a highway, there's a sliver of land less than the size of a football field. this land overlapped with that old empowerment zon

david wessel is with the hutchins center on fiscal and monetary policy at the brookings institution. joins us now. david, welcome back to the newshour. so we know that chairman powell was reported to be looking seriously at both-- i'm sorry president biden was looking seriously at both jay powell and lael brainerd, why is it thought he went with powell. >> i think the president said it clearly in his press conference this afternoon. he said he was looking for stability and independence. stability in that given the tricky time of the economy as you pointed out, having a familiar face, someone with a track record now was a plus. secondly, jay powell stood up to donald trump and president biden made a point of saying that this was popular with both democrats and republicans, powell was confirmed as chair 84-13, with nine democrats voting against him and four republicans voting against him. >> first go round. >> the first go round. >> this time i suspect the white house knows that they're not going to get all 50 democrats, but they'll get enough republicans to push him over the edge. >>

fed watchers like david wessel at brookings has suggested that perhaps the operating assumption by many policymakers is that powell will be renominated to chair the fed while brainard could be offered a role leading bank regulation essentially offering an olive branch to both of those factions that i discussed. president biden said he would make the decision fairly quickly, but as of today that decision has not been made >> kayla, thank you so much. that's kayla tausche back at the white house for us now let's bring in tom lee, managing partner and head of research at fund strap welcome back things are falling into place pretty nicely for you. >> yeah. thanks, scott. yeah, it looks like markets are positioned to rally to year end. i think investors see that they're strengthening and there's been this improved resilience. >> the 10-year falling what's the message it's a surprise to many for obvious reasons. >> that's right. the ten-year yield falling is a dovish development because over the past eight weeks the bond market was starting to fight the fed. as you know, the bond market was s