• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Science
  • World
  • Lifestyle
  • Tech
Brainard wins Senate confirmation to be Fed’s vice chair

Brainard wins Senate confirmation to be Fed’s vice chair

April 26, 2022
The Supreme Court just handed down very bad news for Black voters

The Supreme Court just handed down very bad news for Black voters

June 28, 2022
Newzoo: More than 500 companies are building the metaverse

Newzoo: More than 500 companies are building the metaverse

June 28, 2022
Maxwell Sentenced to 20 Years in Prison as Epstein Case Nears Its End

Maxwell Sentenced to 20 Years in Prison for Aiding Epstein’s Abuse

June 28, 2022
Gmail’s new look is about to appear for more people, even if they didn’t ask for it

Gmail’s new look is about to appear for more people, even if they didn’t ask for it

June 28, 2022
Did Cassidy Hutchinson Just Hand the Jan. 6 Committee Its ‘Smoking Gun’?

Did Cassidy Hutchinson Just Hand the Jan. 6 Committee Its ‘Smoking Gun’?

June 28, 2022
Fetterman 2022: The Steampunk Version of Biden in His Basement

Fetterman 2022: The Steampunk Version of Biden in His Basement

June 28, 2022
Owner of building that collapsed and killed firefighter accused of setting blaze

Owner of building that collapsed and killed firefighter accused of setting blaze

June 28, 2022
Cassidy Hutchinson’s Testimony Highlights Legal Risks for Trump

Cassidy Hutchinson’s Testimony Highlights Legal Risks for Trump

June 28, 2022
N Korea accuses US, regional allies of moves towards ‘Asian NATO’

N Korea accuses US, regional allies of moves towards ‘Asian NATO’

June 28, 2022
Analysis: Trump’s crowd size obsession explains his presidency

Analysis: Trump’s crowd size obsession explains his presidency

June 28, 2022
A President Untethered

A President Untethered

June 28, 2022
Daily Harvest meal delivery service recalls lentil crumbles after customers report gastrointestinal emergencies 

Daily Harvest sued over illness linked to lentils, but cause remains a medical mystery

June 28, 2022
DNYUZ
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Music
    • Movie
    • Television
    • Theater
    • Gaming
    • Sports
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel
No Result
View All Result
DNYUZ
No Result
View All Result
Home News Business

Brainard wins Senate confirmation to be Fed’s vice chair

April 26, 2022
in Business, News
Brainard wins Senate confirmation to be Fed’s vice chair
497
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

WASHINGTON — The Senate on Tuesday confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed’s No. 2 post in the midst of the central bank’s toughest fight against inflation in four decades.

Her confirmation came in a 52-43 vote in the Senate. President Joe Biden had nominated Brainard in November.

Brainard, 60, has been a member of the Fed’s Board of Governors since 2014, and her rise to a leading policymaking role follows an extensive career as an economic official during previous Democratic administrations. She was an adviser to President Bill Clinton in the late 1990s before becoming the top Treasury official for international affairs during President Barack Obama’s administration, from 2009 to 2013.

Brainard’s confirmation comes as three other nominees for positions on the Fed’s board await confirmation. They include President Joe Biden’s nomination of Jerome Powell for a second four-year term as Fed chair. Powell has been serving in a temporary capacity since his first term expired in early February. He enjoys broad bipartisan support and could win Senate confirmation later this week.

Many economists think the Fed will raise its benchmark short-term interest rate by a sharp half-percentage point at each of its next three meetings, in May, June and July, to try to rein in accelerating price increases.

Such rate hikes would be larger than the Fed’s typical quarter-point increases and would likely lead to higher borrowing costs for home mortgages, auto loans and credit cards. Those higher costs could, in turn, slow consumer spending and and weaken the overall economy.

The financial markets expect the Fed to keep raising rates to a range of 2.5% to 2.75% by the end of this year. That would represent a drastic increase from its current level of 0.25% to 0.5%.

Brainard, the lone Democrat on the board for now, has generally supported keeping interest rates low to support growth and hiring, which makes her a “dove” in Fed parlance. She was an architect of a Fed policy framework, adopted in August 2020, under which it said it would no longer raise rates solely because the unemployment rate had fallen to a low level that could spur inflation. Instead, the Fed said it would await actual evidence that prices are accelerating.

That framework has been blamed by some critics for contributing to the Fed’s delay in raising rates as high inflation erupted last year — an assertion disputed by Powell.

Brainard has also said the Fed could more directly take account of climate change in bank supervision, a stance that has drawn opposition from many Senate Republicans.

The post Brainard wins Senate confirmation to be Fed’s vice chair appeared first on Associated Press.

Tags: AP Top NewsBarack ObamaBill ClintonBusinessInflationJerome PowellJoe BidenLael Brainard
Share199Tweet124Share

Trending Posts

Russell Westbrook exercises $47M option with Lakers

Russell Westbrook exercises $47M option with Lakers

June 28, 2022
Antisemitic Flyers Targeting Disney Left Outside Homes in Florida Cities

Antisemitic Flyers Targeting Disney Left Outside Homes in Florida Cities

June 28, 2022
Will the Jan. 6 Committee Finally Bring Down the Cult of Trump?

Will the Jan. 6 Committee Finally Bring Down the Cult of Trump?

June 28, 2022
Reindeer Have a Special Eye Color Just for Winter

Reindeer Have a Special Eye Color Just for Winter

June 28, 2022
EXPLAINER: Abortion, tech and surveillance

EXPLAINER: Abortion, tech and surveillance

June 28, 2022

Copyright © 2022.

Site Navigation

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Gaming
    • Music
    • Movie
    • Sports
    • Television
    • Theater
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel

Copyright © 2022.