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Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.

Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta

"Monetary policy is in a good place for policymakers to assess incoming information on the economy and financial conditions," Cleveland Fed President Loretta Mester said on Wednesday. The Fed has kept its policy rate unchanged in the 5.25%-5.50% range since July, and after the last meeting over Oct. 31-Nov. 1, Fed Chair Jerome Powell said he is not yet confident policy is restrictive enough. Fed Governor Christopher Waller, a policy hawk like Mester, on Tuesday delivered a similar assessment. Indeed, Waller said, if the inflation decline continues for several more months, rate cuts could be in order to keep policy from becoming overly tight. Atlanta Fed President Raphael Bostic, who has for months said the Fed policy rate at 5.25%-5.50% is high enough, said Wednesday he feels data backing that view is getting clearer.

Persons: Sarah Silbiger, Loretta Mester, Mester, Jerome Powell, Christopher Waller, Waller, I'm, Thomas Barkin, Barkin, Raphael Bostic, we’ve, Lindsay Dunsmuir, Deepa Babington Organizations: El Progreso Market, Washington , D.C, REUTERS, Cleveland Fed, Richmond Fed, CNBC, Dallas Fed, Reuters, Atlanta Fed, Thomson Locations: El Progreso, Mount Pleasant, Washington ,

Japan's Prime Minister Fumio Kishida and South Korea's President Yoon Suk Yeol along with moderator and former U.S. Secretary of State Condoleezza Rice attend a summit discussion, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, at the Stanford, California, U.S., November 17, 2023. REUTERS/Brittany... Acquire Licensing Rights Read morePALO ALTO, California, Nov 17 (Reuters) - South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida pledged cooperation on clean-energy supply chains, quantum computing and other innovative technology during a Silicon Valley roundtable on Friday. Yoon and Kim met one on one and together with Biden on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, which ended on Friday. In addition to military and economic cooperation, Yoon and Kishida on Friday signaled work on science and technology would be a central to their relationship-building. "But for President Yoon and myself, this is the Big Game," Kishida said.

Persons: Fumio Kishida, Yoon Suk, State Condoleezza Rice, PALO, Yoon Suk Yeol, Yoon, David, Joe Biden, Kim, Biden, Kishida, lecterns, Ann Saphir, William Mallard Organizations: Japan's, U.S, State, Economic Cooperation, Stanford, REUTERS, San Francisco Bay Area, University of California, Thomson Locations: Asia, California, U.S, Brittany, PALO ALTO , California, San Francisco, China, North Korea, Washington, Korean, South Korea, San Francisco Bay, Berkeley

Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

[1/5] San Francisco drag queen Khmera Rouge performs onstage during the GAYPEC event hosted at Beaux Night Club in the Castro District of San Francisco, California, U.S., November 15, 2023. San Francisco is known for its large and politically active LGBTQ population, and its myriad gay bars, including the venue for Wednesday's event, Beaux. Most at the event, as it turned out, were not APEC delegates. Stephanie Wong and Khoa Tran, founders of San Francisco tech startup reverylab.com, said they came because they were curious -- and they thought it would offer networking opportunities. Mark Anthony Catalan, a university student and a volunteer at the APEC summit, said he was sceptical.

Persons: Khmera Rouge, Brittany Hosea, frocks, Rafael Mandelman, Castro, Evan Low, Stephanie Wong, Khoa Tran, Mark Anthony Catalan, Ann Saphir, Sharon Singleton Organizations: Beaux Night, Castro District of, REUTERS, FRANCISCO, Asia Economic Cooperation, Reuters, Pew Research, APEC, San, Thomson Locations: Francisco, Castro District, Castro District of San Francisco , California, U.S, San Francisco, . California

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said negotiations on the trade section of the Indo-Pacific Economic Framework will need further work, a setback for the Biden administration which had hoped to announce substantial outcomes this week. Yellen told a news conference there has been "very substantial progress" on three of the four areas under discussion by the 14 IPEF member countries, but there are "remaining issues" on trade. She said there had been "significant progress" on the trade pillar, "but it looks not to be complete, like something that is likely to require further work." People familiar with the talks said that an announcement of outcomes is more likely on clean energy cooperation and anti-corruption pillars of the IPEF. Both agreed that the U.S. and China should seek fair trade relations and a level playing field on which their companies can compete, Yellen added.

Persons: Janet Yellen, Lifeng, Carlos Barria, Biden, Yellen, Joe Biden, IPEF, Donald Trump, David Lawder, Ann Saphir, Tom Hogue, Lincoln Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Reuters, Asia Pacific Economic Cooperation, San Francisco . U.S, Pacific Partnership, Thomson Locations: U.S, Asia, San Francisco , California, Pacific, San Francisco ., China, CHINA, Beijing, San Francisco

U.S. Secretary of Treasury, Janet Yellen hosts a Finance Ministers? Meeting plenary at the APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S. November 13, 2023. "This is a decision I disagree with," she said at a news conference at the close of the APEC Finance Ministers' Meeting in San Francisco, California. The ratings agency on Friday lowered its outlook on the U.S. credit rating to "negative" from "stable," citing large fiscal deficits and a decline in debt affordability. The rise in long-term interest rates would create a challenge to debt sustainability if it lasts, Yellen acknowledged.

Persons: Janet Yellen, Carlos Barria, Yellen, Biden, David Lawder, Ann Saphir, Tom Hogue Organizations: Treasury, Ministers, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Monday, APEC Finance, Internal Revenue Service, House Republicans, Thomson Locations: Asia, San Francisco , California, U.S

Prices of futures contracts that settle to the Fed's target rate were pricing in only about a 5% chance the Fed will raise its policy rate any higher than the current 5.25% to 5.50% range. Core inflation, which excludes energy and food, rose 4%, the slowest pace in more than two years. "You can say goodbye to the rate hiking era," said Brian Jacobsen, chief economist at Annex Wealth Management. The Fed is now seen as more likely than not to deliver its first rate cut in May, and end 2024 with the short-term benchmark rate a full percentage point lower than today, based on rate futures pricing. "The Fed for now will maintain its tightening bias, erring on the side of caution," she wrote.

Persons: Brian Jacobsen, Jerome Powell, aren't, Kathy Bostjancic, Ann Saphir, Lucia Mutikani, Chuck Mikolajczak, Chizu Nomiyama, Jonathan Oatis Organizations: Federal Reserve, Labor Department, Energy, Traders, Annex Wealth Management, Nationwide, Thomson Locations: U.S

SAN FRANCISCO, Nov 12 (Reuters) - A lively crowd gathered on a sunny Sunday in San Francisco to protest a meeting of cross-Pacific political leaders and a wide spectrum of other issues, prominently including those calling for a ceasefire in the Israel-Hamas war. The home of 1960s counterculture, San Francisco has retained an anti-authoritarian sensibility even as tech companies and employees have made the city a global influencer. The action could become confrontational on Wednesday, with protesters calling to block attendees from entering the San Francisco conference center. San Francisco is recovering from the COVID-19 pandemic slower than many cities, with some major retailers abandoning Market Street. San Francisco tourism is much reduced from pre-pandemic levels, according to data from hotel analytics firm STR published in June.

Persons: Joe Biden, Xi Jinping, Biden, Roberto Ruiz, Sarah R, Marty Brewer, Ann Saphir, Matt McKnight, Peter Henderson, Grant McCool Organizations: FRANCISCO, Pacific, Protesters, Economic Cooperation, Police, APEC, San, Market, Geoscience, Thomson Locations: San Francisco, Israel, Francisco's, Asia, Francisco, Gaza

U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria Acquire Licensing RightsSAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack. "The Treasury Department and the United States has given "as much assistance as we possibly can to the firm in dealing with this issue," she said.

Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Diane Craft Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Industrial, Commercial Bank of, U.S, China, Treasury Department, Thomson Locations: U.S, Asia, San Francisco , California, Commercial Bank of China, San Francisco, United States

"I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen told reporters at a news conference in San Francisco. "We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies aiding Moscow's war effort could face sanctions. "We would like to see China crack down on this, especially when we're able to provide information," she said. Yellen stressed the Chinese firms in question were private and said she was not suggesting that this was occurring with knowledge of the Chinese government. Reporting by David Lawder and Ann Saphir, writing by Andrea Shalal and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Andrea Shalal, Alistair Bell Organizations: . Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, Ukraine, Thomson Locations: U.S, Asia, San Francisco , California, China, Moscow, San Francisco, Russia

SAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that she agreed with Chinese Vice Premier He Lifeng to "intensify communication" on economic issues but warned him to crack down on Chinese companies that give material support to Russia for its war in Ukraine. "During our discussions, we agreed that in-depth and frank discussions matter, particularly when we disagree," Yellen said. "And I emphasized that the current uncertain global landscape makes it particularly crucial that we maintain resilient lines of communication going forward." "We would like to see China crack down on this, especially when we're able to provide information," Yellen said. Discussing the Israel-Hamas war, Yellen spoke of the need "to prevent escalation and expansion of the conflict in the Middle East," the Treasury said in a statement.

Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Carlos Barria, Donald Trump's, Liao Min, Liao, Eric Beech, David Lawder, Ann Saphir, Andrea Shalal, David Ljunggren, Chizu Nomiyama, Andrea Ricci, Grant McCool, Christian Schmollinger, Simon Cameron, Moore Organizations: FRANCISCO, . Treasury, Economic Cooperation, Communist Party, Treasury, U.S, APEC, REUTERS, Industrial, Commercial Bank of, Finance, Ministry of Finance, Fund, Thomson Locations: Russia, Ukraine, San Francisco, Asia, China, RUSSIA, Israel, U.S, San Francisco , California, Commercial Bank of China, Washington, Beijing, United States

REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNov 7 (Reuters) - Dallas Federal Reserve Bank President Lorie Logan on Tuesday said she supported leaving the Fed's policy rate on hold last week to assess if financial conditions are sufficiently tight to bring down inflation, while pointing to recent signs the fight was not yet won. "We're going to continue to need to see tight financial conditions in order to bring inflation to 2% in a timely and sustainable way," Logan said. "I'm going to be looking at the data and I'm going to be looking at financial conditions as we get closer to the following meeting." That view was one main reason the Fed opted to keep the policy rate in its current 5.25%-5.50% range last week. "We have seen some retracement in that 10-year yield and financial conditions, and so I'll be watching to see whether that continues and what that means for the implications of policy," Logan said on Tuesday.

Persons: Lorie Logan, Ann Saphir, Logan, Franklin Paul, Andrea Ricci Organizations: Reserve Bank, Dallas, National Association for Business Economics, REUTERS, Dallas Federal Reserve Bank, Fed, Thomson Locations: Dallas , Texas, U.S

Bond yields fell, and traders of contracts tied to the Fed's policy rate now see only a 12% chance of a rate hike by January, down from 30% before the release of the employment report. Rate futures pricing now reflects a better-than-even chance of a Fed rate cut by May of 2024, with several more cuts expected later next year. U.S. central bankers themselves are not even thinking about rate cuts, Fed Chair Jerome Powell said this week after the Fed kept its benchmark overnight interest rate steady in the 5.25%-5.50% range. "Continued upward momentum would be troubling, and hopefully this recent rise levels off as the labor market recovery continues," said Indeed.com's Nick Bunker. Still for now, most of the worries about the labor market appear to be focused on what might, or might not, happen next rather than on the evidence so far.

Persons: Jerome Powell, Kevin Lamarque, nonfarm, Bond, Powell, Thomas Barkin, Barkin, Michael Feroli, Nick Bunker, Sharif, Julie Su, Ann Saphir, Shristi Achar, Tomasz Janowski, Christina Fincher, Paul Simao, Chris Reese Organizations: Federal, Committee, Federal Reserve, REUTERS, Labor Department, U.S, Fed, Reuters Graphics Reuters, Richmond Fed, CNBC, JPMorgan, Reuters Graphics, Labor, Thomson Locations: Washington , U.S

But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years. Median net worth rose sharply for all ethnic and income groups, the survey showed, though the lowest-earning 20% of households fared the worst, with a 2% decline on average over the period versus double-digit increases for all other income groups. The survey showed other stark contrasts. Still, Black households had the lowest median net worth at about $45,000, 27% below the next lowest, Hispanics, at about $62,000. By contrast, median household net worth for white families was $285,000 and for Asians - measured on their own for the first time in this year's survey - was $536,000.

Persons: Ann Saphir, Dan Burns, Chizu Nomiyama, Aurora Ellis Organizations: Federal, Consumer Finances, Thomson

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, speaks during an interview with Reuters in New York City, New York, U.S., May 22, 2023. "It's certainly possible that higher long-term yields may do some of the work for us in terms of bringing inflation back down," Kashkari said in a town hall hosted by Minot State University. "But if those higher long-term yields are higher because their expectations about what we're going to do has changed, then we might actually need to follow through in their expectations in order to maintain those yields." Asked about the chances that inflation falls back to the Fed's 2% goal but the unemployment rate does not rise sharply -- the so-called soft landing for the economy -- Kashkari said it's looking "favorable." Still, he cautioned, if the economy stays too strong, the Fed may need to raise rates further to slow it, risking a harder landing.

Persons: Neel Kashkari, Mike Segar, Kashkari, It's, Ann Saphir, Leslie Adler, Jonathan Oatis Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Reserve, Minot State University, Thomson Locations: New York City , New York, U.S, Minneapolis

REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsOct 10 (Reuters) - Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said the U.S. central bank need not raise borrowing costs any further, and sees no recession ahead even as the Fed's rate hikes so far slow the economy and bring down inflation. "I actually don't think we need to increase rates anymore" to get too-high inflation back down to the Fed's 2% goal, Bostic told the American Bankers Association, to applause. Policy is sufficiently restrictive, and "a lot" of the impact of the Fed's rate hikes so far is clearly yet to come, he said. The conflict between Israel and the Palestinian militant group Hamas which broke out over the weekend creates uncertainty for the United States and the global economy, Bostic said, noting that it will cause rethinking on markets and investments. If data comes in differently from what he expects, Bostic said "we might have to increase (the Fed policy rate), but that's not my outlook right now, and that's not my expectation."

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, that's, Ann Saphir, Emelia Sithole Organizations: Federal Reserve Bank of Atlanta, REUTERS, Atlanta Federal Reserve Bank, American Bankers Association, Palestinian, Hamas, Thomson Locations: Dublin, Ireland, U.S, Israel, United States, Ukraine

"If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate," Logan said. The Dallas Fed president said the economy has been stronger than she had expected, as has been the labor market, and that inflation was still too high despite progress in lowering it. But because Logan ran the New York Fed's bond portfolio for years before she took the top job at the Dallas Fed, her views on what's driving long-term rates higher could carry considerable weight as policymakers weigh their next moves. "The expectation of lower Federal Reserve asset holdings over time implies that other investors will need to hold more long-duration securities, which appears to be one factor among the many contributing to higher term premiums," Logan said. Figuring out how much of the higher long-term rates is due to higher term premiums is complex, she added.

Persons: Lorie Logan, Ann Saphir, Logan, Mary Daly, Julia Coronado, Lorie, she's, Krishna Guha, Guha, Paul Simao Organizations: Federal Reserve Bank, Dallas, Kansas City, REUTERS, Rights, Treasury, Federal Reserve, National Association for Business Economics, Market, San Francisco Fed, Evercore ISI, Dallas Fed, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S, York

Despite considerable progress, she said, "inflation continues to be too high, and I expect it will likely be appropriate for the (Fed) to raise rates further and hold them at a restrictive level for some time." The Fed targets 2% inflation. Given that progress, U.S. central bankers last month opted to keep the policy rate in its current 5.25%-5.50% range even as most signaled another rate hike would likely be needed before year's end. Speaking at a separate event in New York on Monday, Fed Vice Chair for Supervision Michael Barr said he believes rates are now "at or very near" a sufficiently restrictive level. The same Fed forecasts also show policymakers as a group expect stronger economic growth and a stronger job market than they had expected just three months earlier.

Persons: Michelle Bowman, Ann Saphir, Michael Barr, Barr, Jerome Powell, John Williams, Bowman, Thomas Barkin, we've, Dan Burns, Pete Schroeder, Anna Driver, Andrea Ricci Organizations: U.S . Federal, Hoover Institution, REUTES, . Federal Reserve, Fed, New, New York Fed, Richmond Fed, Thomson Locations: Palo Alto , California, U.S, New York, York , Pennsylvania

"I'm one of those folks," said Kashkari, who is considered one of the Fed's more hawkish policymakers. Kashkari said that if inflation cools next year as expected, the Fed will need to cut rates to keep policy from tightening too much. But he also said he has been surprised by how well consumer spending has held up despite the Fed's rate hikes so far. "Everybody on the Federal Open Market Committee is committed" to bringing inflation back down to the Fed's 2% target, he said. Inflation by the Fed's preferred measure was 3.3% in July.

Persons: Neel Kashkari, Mike Segar, Kashkari, Ann Saphir, Himani Sarkar, Muralikumar Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Minneapolis Federal Reserve Bank, Wharton School of Business, Fed, U.S, Federal, Thomson Locations: New York City , New York, U.S, Minneapolis

REUTERS/Joshua Roberts Acquire Licensing RightsSept 25 (Reuters) - It's a now-familiar dance: Federal Reserve officials signal to the world that interest rates are not dropping anytime soon. Forecasts published on Wednesday by the U.S. central bank showed that a majority of its policymakers see the Fed's benchmark overnight interest rate ending this year at 5.6%, which implies one more interest rate hike in the next three months. They also now anticipate an end-of-2024 policy rate of at least 5.1%, half a percentage point higher than they projected three months ago. Meanwhile, interest rate futures contracts continue to price in only about a 50% chance of further tightening in 2023, and see a 4.65% policy rate by the end of next year. THE FED'S OWN UNCERTAIN FORECASTSFed policymakers plan to stop raising interest rates once they are convinced inflation is headed down to the central bank's 2% target.

Persons: Joshua Roberts, Preston Caldwell, Jerome Powell, Powell, Morgan Stanley, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, REUTERS, Financial, U.S, Fed, Morningstar, Securities, United Auto Workers, Detroit automakers, Reuters, Thomson Locations: Washington , U.S, U.S

What they likely won't be changing: Keeping one more rate hike on the table. Given that rosier picture, Luzzetti - like most analysts polled by Reuters - says Fed policymakers probably won't lift the policy rate any further. Many other economists also expect Fed policymakers to signal fewer rate cuts next year. That's only a touch higher than the 3.2% rate the Fed had expected to see at the end of this year. Reuters GraphicsIf progress towards the Fed's 2% goal slows next year though, as many economists forecast, that may mean fewer interest rate cuts next year.

Persons: Sarah Silbiger, won't, Matthew Luzzetti, Luzzetti, Tim Duy, Duy, That's, Loretta Mester, Kathy Bostjancic, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal Reserve, Deutsche Bank, Reuters, Reuters Graphics Reuters, U.S, Fed, Cleveland Fed, Thomson Locations: Washington ,, U.S, China

Colombian-born Kugler, whose research has focused on labor markets, is the first Latina to join the Fed Board in its 109-year history. The vote was 53-45, with a few Republicans supporting a nomination that was championed by Democratic Senator Bob Menendez. The Senate on Wednesday also confirmed Fed Governor Philip Jefferson as Fed vice chair and Fed Governor Lisa Cook to a second term. Jefferson's success as vice chair will hinge on his ability to help Powell manage that process. Reporting by Ann Saphir; Editing by Paul Simao and Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Adriana Kugler, Jonathan Ernst, Kugler, Bob Menendez, Menendez, Philip Jefferson, Lisa Cook, Cook, Jerome Powell, Powell, Michael Feroli, Jefferson, she'll, Derek Tang, Tang, Ann Saphir, Paul Simao, Timothy Gardner Organizations: Federal Reserve, of Governors, Capitol, REUTERS, U.S, Senate, Bank, Fed Board, Democratic, Wednesday, Jefferson, JPMorgan, Fed, Thomson Locations: Washington , U.S, Cuban, United States, U.S

Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsSept 6 (Reuters) - A broad bipartisan majority of the U.S. Senate on Wednesday voted to confirm Federal Reserve Governor Philip Jefferson as vice chair of the U.S. central bank. Senators are expected later on Wednesday to also take up the nominations of Fed Governor Lisa Cook to a new 14-year term, and of World Bank economist Adriana Kugler to fill the last open seat at the seven-member Fed Board. Jefferson and Cook joined the Fed in May 2022 and have voted for all of the Fed's rate hikes since then. Reporting by Ann Saphir; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Adriana Kugler, Cook, Ann Saphir, Chizu Organizations: Federal, Capitol, REUTERS, U.S . Senate, World Bank, Fed, Jefferson, Thomson Locations: Washington , U.S, U.S

[1/3] Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. Senators also confirmed Fed Governor Lisa Cook to a fresh 14-year term at the central bank, though they did so in a 51-47 vote that broke along partisan lines. Both Jefferson and Cook have a PhD in economics and became Fed governors in May of 2022 after long careers in academia. The U.S. central bank's vice chair, whose term is four years, also traditionally serves as the Fed chief's go-to official on policy communications, underscoring key messages and clarifying potential misinterpretations. The confirmations of Jefferson, Cook and Kugler would make the board the most diverse in the central bank's more-than-100-year history.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Cook, Jerome Powell, Powell, John Williams, Adriana Kugler, Jefferson, Kugler, Ann Saphir, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Federal, Capitol, REUTERS, U.S, Senate, Federal Reserve, Senators, Jefferson, New York Fed, World Bank, Fed, Latina, Thomson Locations: Washington , U.S, U.S

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