(Reuters) – Philip Jefferson was sworn in as vice chairman of the U.S. Federal Reserve (Fed) on Wednesday as central bank officials prepare for another FOMC meeting next week.
Lisa Cook, Governor of the Fed, was also sworn in for a new 14-year term and Adriana Kugler as a new member of the Board of Governors of the Fed.
These appointments, which were confirmed by the Senate last week, should not change the outcome of the FOMC meeting, scheduled for September 19 and 20 and at the end of which a status quo on the federal funds rate is largely expected.
So far the three new appointees to the Fed have revealed little of their opinions. Philip Jefferson is nevertheless expected to align with Chairman Jerome Powell’s position that the Fed may still need to act in the face of persistent inflationary pressures.
Colombian-born Adriana Kugler is the first person of Hispanic origin to join the Fed’s board of governors. Philip Jefferson and Lisa Cook are both black, an unprecedented diversity for the Fed board in its 109-year history.
(Reporting Ann Saphir, Blandine Hénault for the French version)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.