Fed policymakers have suggested they plan to hold borrowing costs at punishingly high levels until spending and investment slow enough to bring inflation back down toward their 2 percent target.
Philip Jefferson’s elevation isn’t expected to significantly shift the Fed's course, though he would play an important role in advising the central bank chief as the institution’s highest-ranking Ph.D. economist. | Pool photo by Ken CedenoPresident Joe Biden said Friday he will promote Federal Reserve board member Philip Jefferson to the central bank’s No.
Jefferson’s elevation isn’t expected to significantly shift the Fed’s course, though he would play an important role in advising the central bank chief as the institution’s highest-ranking Ph.D. economist. He has only served on the board since last May, but his actions there so far and past work suggest he is a centrist, orthodox policymaker. urged Biden to fill the vacancy left by Lael Brainard, now the president’s top economic policy adviser, with a Latino candidate.
Both candidates would fill their new roles as Powell and his fellow officials assess whether they are done raising interest rates for now. They will be watching closely to ensure price spikes continue to cool. had called on the White House to nominate someone who would push back more on Powell’s fight against inflation, a path Jefferson has not hinted at charting in his previous speeches, though it’s still early in his tenure.
Kugler, as U.S. executive director to the World Bank, is the top American representative to the global financial institution. She previously served as chief economist to then-Labor Secretary Hilda Solis in the Obama administration.
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