Powell sworn in to second four-year term as Fed chief -Breaking
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© Reuters. FILE PHOTO: Jerome Powell, Chairman of the U.S. Federal Reserve, testifies at the hearing entitled “The Semiannual Money Policy Report to Congress” in Washington, U.S.A, March 3, 2022. Tom Williams/Pool via REUTERS(Reuters) – Jerome Powell, Federal Reserve Chair and Head of the U.S. Central Bank was sworn into office Monday to begin a second term for four years.
Monday also saw Lael brainard, Fed’s Vice Chair, swear in, along with Lisa Cook and Philip Jefferson, two new members of Fed’s Board of Governors. Both are Black economists.
Cook is also the first Black woman ever to serve on the Fed board. The Fed is also the first to have more than one Black policymaker on its board.
This means that six out of seven Fed Board seats have been filled weeks prior to the Fed’s June 14-15 policy conference. The central bank is expected raise its benchmark overnight lending interest rate by half an percentage point as it fights high inflation for 40 years.
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