U.S. President Joe Biden on Friday nominated Federal Reserve Governor Philip Jefferson to be the central bank's vice chair, a key policy advisory role recently vacated when Lael Brainard took a top position in Biden's White House economics team.
Biden also nominated the World Bank's U.S. executive director, Adriana Kugler, to be a Fed governor, adding a labor economist to the central bank's leadership ranks as policymakers judge how much further to raise interest rates and cool a strong job market that a number of them, including Chair Jerome Powell, see as aggravating inflation.
A Colombian-American, Kugler would be the first-ever Latina on the Fed Board of Governors, addressing the long-standing complaints of Senator Bob Menendez, an influential Democrat who has decried the historic absence of Hispanics in U.S. central bank leadership. Jefferson, 61, would become the second-ever Black vice chair, the prior being Roger Ferguson who held the post roughly two decades ago.
After just over a year of the steepest round of interest-rate hikes in 40 years, the Fed on May 3 nudged its policy rate toand signaled it may be time to take a pause and assess whether any more hikes are needed. Powell is at a "critical juncture," said Andrew Levin, a Dartmouth professor and a special advisor to Janet Yellen when she was Fed vice chair, where some policymakers may want higher rates while others resist. In Jefferson, Levin said, Powell will have a sharp deputy who can both act as a conduit for those disparate voices and help him sort through all of it.
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