Lael Brainard, a member of the Federal Reserve Board, will be Vice-Chair of the Federal Reserve Board on November 22, 2021 at the South Court Auditorium of the Eisenhower Executive Office Building in the White House, Washington, USA. After being nominated, I will speak.
Kevin Lamarck | Reuters
The US Senate confirmed on Tuesday Lael Brainard A long-awaited step in her rise to the highest ranks of the country’s central bank, solidifying her position as the chair’s main vice-chairman to become the next vice-chairman of the Federal Reserve Board. Jerome Powell..
Voting approached a 52-43 difference, but her confirmation was not surprising. Brainard received support from a small number of Republicans, including Democrats and Wyoming State Senator Cynthia Lummis.
Voting was tougher than expected as both Senator Chris Murphy (Democratic) and Ron Wyden (Democratic) tested positive for Covid-19 and could not provide formal support.
Brainard’s promotion is expected for a few weeks, Fed plans to raise short-term interest rates.. She has been a board member of the Central Bank for many years. Brainard, Powell and other central bank officials have promised to raise interest rates over the past few months or withdraw monetary stimulus to stop prices from rising at their current pace.
This year’s financial markets are at stake due to rising inflation and concerns over plans to raise the Fed’s borrowing costs. The S & P 500, a broad market index that tracks the stock performance of the largest US company, fell by more than 11% this year.
“We have decided that we need to tackle rising inflation as soon as possible to remedy the situation,” policymakers told customers Tuesday morning, US Water Treasures Chief US Economist Stephen Rickito. Wrote.
“The question investors need to answer is when will it be enough when it comes to numbers,” he added.
Outside of monetary policy, Brenard has created a habit of opposition to otherwise unanimous moves in the Federal Reserve to roll back financial regulation. For the past four years, she has opposed a series of central bank measures to ease legislation enacted after the 2008-2009 financial crisis.
The Fed hasn’t challenged since 2011 until she first challenged in 2018.
Several other Fed candidates elected by President Joe Biden are waiting for action in the Senate. The president nominated Powell as the head of the central bank for the second term and elected two economists, Lisa Cook and Philip Jefferson, as governors of the Fed’s seven boards.
Some analysts and economists say Jefferson and Cook may prefer more modest rate hikes over time, but both use interest rates to curb inflation at Senate confirmation hearings. He said he promised that.
The Fed aims to keep inflation around the target of 2%, but due to a combination of supply chain disruptions, Russia’s invasion of Ukraine, and intense consumer demand. Prices have risen by more than 8% in the last 12 months..
The procedural vote for Cook’s nomination is Senate Majority Leader Chuck Schumer, DN.Y. Will end her debate and allow her to advance to her final confirmation vote, which will take place late Tuesday afternoon.
