By Lindsay (NYSE:) Dunsmuir

(Reuters). During the U.S. Federal Reserve’s pivot on monetary policies and signalling it could raise interest rates four times this year to tame an inflation rate at a high of 40 years, the composition for the rate-setting body changes. The meeting will begin this week.

Fed Board members always have a vote on the Federal Open Market Committee, and currently there are four, although President Joe Biden this month nominated https://www.reuters.com/world/us/biden-nominates-raskin-cook-jefferson-fed-board-2022-01-14 a three-person slate to fill the remaining governor vacancies. The Senate must confirm them first. It is not clear when they will be seated, or if it will take any time at all.

A permanent vote is also available to the New York Fed head. The four remaining slots will be filled by the presidents of each regional reserve bank on an annual basis. However, all policymakers are expected to discuss the outlook for the economy together. This is a list of who was elected this year, as well as their latest comments about policy.

JEROME POWELL (CHAIR)

Powell, renominated to the central bank’s top post by Biden, told lawmakers at his confirmation hearing https://www.reuters.com/business/feds-powell-heads-hill-hearing-with-inflation-focus-2022-01-11 this month “the economy no longer needs or wants the very highly accommodative policy that we’ve had” as he flagged an indeterminate number of rate rises this year.

He stated that he expected to accelerate the reduction of central bank’s $9 trillion balance, which is now almost $9 trillion.

Powell stated that the economy was in a totally different position than when asset purchases were stopped. The time period between the end of asset purchases and the start of runoff will be much shorter. Also, the balance sheet is larger so that the runoff can happen faster.

LAEL BRAINARD GOVERNOR

Tapped by Biden to be Fed vice chair, Brainard at her confirmation hearing https://www.reuters.com/world/us/feds-most-important-task-is-control-inflation-brainard-says-2022-01-13 this month said battling inflation was the Fed’s “most important task” as she gave the green light to starting rate rises at the central bank’s March meeting after the scheduled end of its bond-buying program.

Brainard explained that several hikes were projected by the Fed’s policy setting committee. “Of course, we will be in position to do so once our purchases are ended and we’ll have to just wait and see what data we need over the coming year,” Brainard added.

She stated that while the Fed is trying to lower inflation as quickly and consistent with sustained, strong recovery, it will do so “as soon as we can”

MICHELLE BOOWMAN, GOVERNOR

Bowman is not expected to speak on monetary policies since October. In the past, Bowman has supported tightening monetary policy more than her peers. That month she already flagged high inflation may last longer than expected and said she was “very comfortable” https://www.reuters.com/business/feds-bowman-very-comfortable-with-november-taper-sees-inflation-risks-2021-10-14 with beginning to reduce asset purchases in November.

CHRISTOPHERWALLER, GOVERNOR

Waller is a leader in calling for an aggressive and faster response to inflation. He has suggested that four to five rate increases this year might be necessary if inflation does not recede.

Waller supports a March rate increase and a quick reduction of the balance sheet. “Inflation has stayed higher for longer than any of us thought it was going to,” Waller said earlier this month https://www.reuters.com/article/usa-fed-waller/feds-waller-says-course-of-inflation-this-year-to-dictate-rate-hikes-idUSS0N2RG00H. He said that if inflation falls to around 2.5% or less – something he anticipates before the year ends – then rapid rate increases might not be necessary.

JOHN WILLIAMS, NEW YORK FED

It is “sensible” to begin raising interest rates this year with inflation high and the economy near maximum employment, Williams said earlier this month https://www.reuters.com/world/us/ny-feds-williams-says-completely-sensible-raise-interest-rates-2022-01-14.

His statement said that “we are close to a decision on how we will get this process started.” Williams also said that the Fed might reduce its balance faster than it did previously.

LORETTA MESTER CLEVELAND FEED

Mester prefers a more aggressive approach to policy than others, and she supports a March boostoff if things go well.

She also favors a speedier balance sheet rundown https://www.reuters.com/article/usa-fed-mester/feds-mester-says-she-supports-reducing-balance-sheet-as-fast-as-feasible-idUSKBN2JM1OS and has not ruled out the idea actively selling assets. I would love to decrease it…as fast as possible, provided it is not disruptive to financial markets.

JAMES BULLARD, ST. LOUIS FEED

Bullard, now an anchor in the Fed’s hawkish wings, recently increased the amount of rate increases he expects to see this year. “I actually now think we should maybe go to four hikes in 2022,” he said https://www.reuters.com/business/feds-bullard-sees-four-us-rate-hikes-this-year-2022-01-12, starting in March.

He said that Fed credibility is at higher risk now than it was in any of his thirty years as a central banker.

KANSAS CITY FED, ESTHERGEORGE

George, a frequent dissenter against tighter policy during past rotations in her role as a voter has a track record. She has not publicly backed a March rate liftoff but said earlier this month https://www.reuters.com/world/us/fed-should-run-down-balance-sheet-earlier-rather-than-later-george-2022-01-11 that the Fed’s “very accommodative” stance of monetary policy was “out of sync with the economic outlook.”

She would prefer to run down her balance sheet sooner than she did later. We will then plot the path towards removing any monetary accommodations.

PATRICK HARBER, PHILADELPHIA FEED

Harker, who will vote as an alternate until a Boston Fed president is appointed, backs a rate hike in March https://www.reuters.com/business/finance/feds-harker-open-more-than-three-rate-hikes-2022-if-inflation-worsens-ft-2022-01-13, the first of at least three quarter-percentage-point increases he sees this year, with a balance sheet reduction beginning in late 2022 or early 2023.