Three officials sworn in at Federal Reserve, as governing board reaches full strength

Federal Reserve Chair Jerome Powell swore in three members of the central bank’s governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bank’s first Latina governor.

As the Fed grapples with how to fine-tune interest rates going forward, the three officials could argue against more rate hikes or even push to cut rates, out of concern excessively-high rates could tip the economy into recession. As Fed governors, they will vote at the Fed’s eight yearly meetings on interest rate policies as well as on changes to financial regulations.

Kugler, whose background is in international and labour economics, has been on leave from Georgetown to serve as the United States’ representative on the board of the World Bank. During the Obama administration, she was the Labor Department’s chief economist, from September 2011 to January 2013.

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Fed to leave rates unchanged on Sept. 20; cut unlikely before Q2 2024: Reuters pollThe Federal Reserve will leave its benchmark overnight interest rate unchanged at the end of its Sept. 19-20 policy meeting and probably wait until the April-June period of 2024 or later before cutting it, according to economists in a Reuters poll. Fed Chair Jerome Powell underscored the 'higher-for-longer' mantra for rates in a speech at the annual Jackson Hole central banking symposium in August and maintained another rate hike might still be needed to bring inflation down to the 2% target. But other members of the rate-setting Federal Open Market Committee (FOMC), including some of the more hawkish ones, have raised the possibility of holding off on another rate hike to allow more time to gauge the impact of the cumulative 525 basis points of tightening delivered by the Fed since March 2022.
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