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

WASHINGTON — 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., aren't expected to alter the Fed's policies in the near term, as most economists expect the Fed to keep its key interest rate unchanged at its next meeting Sept. 19-20.

Kugler, a Georgetown University economist, will fill a seat on the Fed's seven-member board of governors vacated by, who left the Fed to become a top economic adviser to President Joe Biden. Kugler will serve out the remainder of Brainard's term, until January 31, 2026. Kugler, whose background is in international and labor 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.

Jefferson, who first joined the board last year, was sworn in as vice chair and will therefore work closely with Powell on interest rate policy. His term as vice chair will end Sept. 7, 2027, though he can remain on the board as a governor until 2036. Jefferson was a top administrator at Davidson College in North Carolina before being nominated by Biden and holds a Ph.D. in economics from the University of Virginia., the first Black woman to be appointed a Fed governor, was sworn in for a second term that will end in 2038. Cook also joined the board last year, to fill out an unexpired term.

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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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