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☆ Asian stocks slip on rate worries, yen in focus
▼ + stars: | 2023-10-03 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for "some time" to bring inflation back down to the Fed's 2% target. Still, the hawkish rhetoric from the Fed officials comes as an ongoing debate over another possible rate hike this year rages on. "If it were down to us, we would wait for another month of rising inflation and the third-quarter inflation numbers. The yen was last at 149.83 per U.S. dollar in Asian hours, having scaled a fresh near 12-month low of 149.895 earlier in the session. The dollar index , which measures the U.S currency against six major rivals, rose 0.093% to scale a fresh 10-month peak.

Persons: Hong, Michelle Bowman, Rob Carnell, Shunichi Suzuki, Brent, Ankur Banerjee, Jamie Freed Organizations: Federal Reserve, Japan's Nikkei, . Federal, Fed, Reserve Bank of, Reuters, ING, Japanese Finance, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Reserve Bank of Australia

☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

The 2-year Treasury yield, which is sensitive to expectations around where the Federal Reserve will set its own key borrowing rate, increased slightly to 5.129%. The 10-year Treasury yield was last up just over 9 basis points to 4.781%. The 30-year Treasury yield rose as high 4.874%, also the highest since 2007. The 10-year Treasury yield, which serves as a benchmark for mortgage rates and as an investor confidence barometer, on Tuesday surged to its highest level since 2007. "Now the Wild Bunch seems to have taken full control of the Treasury market; we're watching to see if the high-yield market is next," he added.

Persons: Michelle Bowman, Michael Barr, it's, Loretta Mester, Ed Yardeni, Yardeni Organizations: Treasury, Federal Reserve, Cleveland Fed Locations: U.S

☆ Fed's Mester says one more U.S. rate hike may be needed
▼ + stars: | 2023-10-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File PhotoNEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. The Fed has raised rates aggressively over the last year and a half to help cool inflation. Ebbing price pressures allowed officials to keep the federal funds target rate range at between 5.25% and 5.5% in September. Mester said the economy has proved to be stronger than expected at the start of the summer.

Persons: Loretta Mester, Lucas Jackson, ” Mester, Mester’s, Michael Barr, Michelle Bowman, “, ”, Mester Organizations: Cleveland Fed, REUTERS, Federal Reserve Bank, Cleveland Locations: U.S, New York, Cleveland

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

☆ S&P 500 ends near flat; focus on outlook for higher rates
▼ + stars: | 2023-10-02 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The U.S. central bank said last month it may hike rates again as it struggles to bring inflation closer to its 2% annual target. According to preliminary data, the S&P 500 (.SPX) gained 0.49 points, or 0.01%, to end at 4,288.54 points, while the Nasdaq Composite (.IXIC) gained 88.45 points, or 0.67%, to 13,307.77. Tesla (TSLA.O) shares were near flat after the electric vehicle maker missed market estimates for third-quarter deliveries. S&P 500 companies report third-quarter results later this month, with analysts expecting earnings to have risen slightly from the year-ago quarter.

Persons: Brendan McDermid, Michelle Bowman, Quincy Krosby, Goldman Sachs, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Nasdaq, Financial, Investors, Energy, Dow Jones, Nvidia, NextEra Energy, Thomson Locations: New York City, U.S, Charlotte , North Carolina, New York, Bengaluru

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "It's the feeling that the U.S. economy can stomach higher interest rates for a little bit longer," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. "Implicitly it also means that the Fed might not be so quick to cut rates next year either," he said. The Japanese yen weakened 0.31% versus the greenback at 149.77, after falling to 149.90. Investors have been closely watching for signs of intervention in the Japanese currency by the Bank of Japan (BOJ).

Persons: Florence Lo, Kevin McCarthy, Bipan Rai, Edward Moya, Michelle Bowman, Shunichi Suzuki, Chuck Mikolajczak, Marguerita Choy, Alison Williams Organizations: U.S, REUTERS, Federal Reserve, Institute for Supply Management, Congress, Democratic, Republican, Treasury, CIBC Capital Markets, Investors, Bank of Japan, Fed, Bank of Japan's, Japan's Finance, Thomson Locations: U.S, North America, Toronto, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Other megacap stocks including Apple (AAPL.O), Meta Platforms (META.O), Amazon.com (AMZN.O), Alphabet (GOOGL.O) and Microsoft (MSFT.O) advanced between 0.9% and 1.9%. Eight of the eleven S&P sub sectors were down, with the utilities index (.SPLRCU), often considered as a bond proxy, declining 4.9%. Declining issues outnumbered advancers for a 4.02-to-1 ratio on the NYSE and for a 2.27-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and 48 new lows, while the Nasdaq recorded 19 new highs and 211 new lows.

Persons: Brendan McDermid, Tesla, Goldman Sachs, Jerome Powell, Michelle Bowman, Loretta Mester, Stocks, Paul Ashworth, Kevin McCarthy, advancers, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Nvidia, Apple, Microsoft, Cleveland Fed, North, Capital Economics, Democratic, Republican, Dow Jones, NYSE, Thomson Locations: New York City, U.S, North America, Bengaluru

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

Persons: –, ” Andrew Flowers, “, Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia

☆ Fmr. Fed Governor Daniel Tarullo: It's hard to see how mid-size banks survive in present form
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Fed Governor Daniel Tarullo: It's hard to see how mid-size banks survive in present formDaniel Tarullo, Harvard Law School professor and former Federal Reserve Governor, joins 'Squawk Box' to discuss the Fed's inflation fight, the impact of high rates on regional banks, and more.

Persons: Daniel Tarullo Organizations: Fed, Harvard Law School, Federal Reserve

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

☆ S&P 500, Nasdaq notch biggest weekly losses since March
▼ + stars: | 2023-09-22 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March. On Thursday, the S&P 500 dipped below its 100-day moving average - a key support level - for the first time since March, Its failure to break above that level suggests the index is still under downward pressure. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) suffered the steepest percentage loss, while tech (.SPLRCT) and energy (.SPNY) were the only gainers. The S&P 500 posted one new 52-week high and 35 new lows; the Nasdaq Composite recorded 33 new highs and 321 new lows.

Persons: Brendan McDermid, Alibaba, Zachary Hill, Hill, Jerome Powell, Michelle Bowman, Robert Pavlik, Li Auto, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Reuters, UAW, Dow, Nasdaq, Horizon Investments, Benchmark U.S, Treasury, Dakota Wealth, Dow Jones, Ford Motor, United Auto Workers, Activision, Microsoft, PDD Holdings, Baidu, Bloomberg, Hong, NYSE, Thomson Locations: New York City, U.S, Hong Kong, Charlotte , North Carolina, Fairfield , Connecticut, Bengaluru

It fell 0.3% in the week, breaking a three week streak of gains. U.S. West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5%, to $90.03 a barrel, as U.S. oil rig counts fell. U.S. Federal Reserve officials warned of further rate hikes, even after voting to hold the benchmark federal funds rate steady at a meeting this week. U.S. oil rig counts, an indicator of future production, also fell by eight to 507 this week, their lowest since February 2022, energy services firm Baker Hughes said. Offline refinery capacity was expected to reach 1.4 million barrels per day (bpd) this week according to IIR Energy versus 800,000 bpd offline last week.

Persons: Nick Oxford, Dennis Kissler, Michelle Bowman, Russia's Transneft, Baker Hughes, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio, Josie Kao Organizations: REUTERS, U.S . West Texas, BOK, U.S . Federal, RBC, St . Petersburg International Mercantile Exchange ., IIR Energy, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, HOUSTON, Brent, U.S, Primorsk, Novorossiysk, St, United States, Houston, New York, Tokyo, Singapore

"I expect rates may have to stay higher, and for longer, than previous projections had suggested," said Collins. San Francisco Fed President Mary Daly and Minneapolis Fed President Neel Kashkari are scheduled to make remarks later on Friday as the Fed's "blackout" period on post-meeting policy comments lifted. The central bank's decision to hold its benchmark overnight interest rate steady this week was unanimous. Collins does not currently have a vote on rate policy under a Fed system that rotates votes among the 12 reserve bank presidents year by year. New projections issued at the end of a two-day policy meeting on Wednesday showed 12 of 19 Fed officials expect one additional quarter point rate increase this year.

Persons: Dado Ruvic, Michelle Bowman, Susan Collins, Collins, Mary Daly, Neel Kashkari, Bowman, Howard Schneider, Paul Simao, Andrea Ricci Organizations: REUTERS, Rights, . Federal, Independent Community Bankers of, Maine Bankers Association, Boston, Fed, San Francisco Fed, Minneapolis Fed, Thomson Locations: Independent Community Bankers of Colorado

☆ The Fed is unlikely to hike rates 'much more': Former Chicago Fed governor
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is unlikely to hike rates 'much more': Former Chicago Fed governorRandall Kroszner, professor of economics at the University of Chicago Booth School of Business, says "at most, they'll do one more rate hike."

Persons: Randall Kroszner Organizations: Former Chicago Fed, University of Chicago Booth School of Business

☆ Former Fed Governor Daniel Tarullo: I'm a little concerned the Fed has been 'too backward-looking'
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Fed Governor Daniel Tarullo: I'm a little concerned the Fed has been 'too backward-looking'Daniel Tarullo, Harvard Law School professor and former Federal Reserve Governor, joins 'Squawk Box' to discuss the Fed's latest decision to pause interest rate hikes, why he thinks the central bank is too backward-looking, the impact on the economy, and more.

Persons: Daniel Tarullo Organizations: Former, Harvard Law School, Federal Reserve

The Fed expects to get inflation back to its 2% target in 2026, which is later than some officials had thought possible. Financial markets had widely expected that the Fed would leave rates unchanged. Ahead of the Fed meeting, investors had been banking on significant Fed rate cuts next year, an expectation clouded by the projections that show 10 of 19 officials see the policy rate remaining above 5% through next year. Federal funds futures showed traders had downgraded their estimates of Fed rate cuts ahead. The Fed statement was approved unanimously after a two-day meeting that marked new Fed Governor Adriana Kugler's debut on the central bank policymaking stage.

Persons: Jerome Powell, We're, Bond, Stocks, Chris Wattie, I've, Powell, Olu Sonola, Omair Sharif, Adriana Kugler's, Howard Schneider, Michael S, Chizu Nomiyama, Paul Simao Organizations: U.S . Federal Reserve, Market, Reuters Graphics, Reserve, REUTERS, Fed, Reuters, Fitch, Thomson Locations: WASHINGTON, Washington , DC

☆ Fed declines to hike, but points to rates staying higher for longer
▼ + stars: | 2023-09-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Markets had fully priced in no move at this meeting, which kept the fed funds rate in a targeted range between 5.25%-5.5%, the highest in some 22 years. That would put the funds rate around 5.1%. The projection for the fed funds rate also moved higher for 2025, with the median outlook at 3.9%, compared with 3.4% previously. Over the longer term, FOMC members pointed to a funds rate of 2.9% in 2026. "Chair Powell and the Fed sent an unambiguously hawkish higher-for-longer message at today's FOMC meeting," wrote Citigroup economist Andrew Hollenhorst.

Persons: Jerome Powell, Powell, we'll, Adriana Kugler, Andrew Hollenhorst Organizations: Federal Reserve, Markets, Nasdaq, Fed, Citigroup Locations: oscillated

☆ Here are three things we're watching in the markets in the week ahead
▼ + stars: | 2023-09-16 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The Softbank-owned chip designer's return to the public markets — the largest initial public offering since 2021 — was the highlight of the week. Those are the three things that we'll be focusing on in the week ahead. While struggling to snap back after Covid, China this week reported better-than-expected industrial output and stronger retail sales, signaling that things may be looking up. The United Auto Workers strike against Detroit's three biggest automakers will continue in the week ahead, barring a labor deal. ET: Fed Governor Lisa Cook is set to deliver the keynote address at the NBER's Economics of Artificial Intelligence Conference in Toronto, Canada.

Persons: —, Morgan Stanley, Wells Fargo, Jerome Powell's, Jim Cramer, it's, Jim Farley, Stanley Black, Decker, Eli Lilly, Jerome Powell, Mills, Lisa Cook, Jim Cramer's, Jim, Brendan McDermid Brendan Mcdermid Organizations: Nasdaq, Dow Jones, Federal, United Auto Workers, automakers, Fed, West Texas, Saudi, Coterra Energy, Natural Resources, Detroit's, UAW, General Motors, Chrysler, Ford, CNBC, Stanley, Housing, Apogee Enterprise, FedEx, KB, Darden, NBER's, Artificial Intelligence, Jim Cramer's Charitable, Traders, New York Stock Exchange, REUTERS Locations: U.S, Covid, China, WTI, Toronto, Canada, New York City

☆ The Fed is expected to hold rates steady next week, but its guidance will be key for investors
▼ + stars: | 2023-09-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Federal Reserve is widely anticipated to hold rates steady in the week ahead, but key for investors will be the central bank's guidance on where it's headed from here. Investors are assessing a mixed batch of economic reports ahead of the Fed's September policy meeting. Meanwhile, August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Housing data released in the week ahead could show whether housing demand remains solid. Week ahead calendar All times ET.

Persons: Bank's Rob Haworth, Jerome Powell, Powell, Hogan, Instacart, Arm's, Mills, Lisa Cook, —, Jeff Cox, Michael Bloom Organizations: Federal Reserve, Dow Jones, Dow, Nasdaq, Investors, PPI, Federal, Riley, FedEx, Housing, Philadelphia Fed, Darden, FactSet, Systems, National Bureau of Economic Research, Artificial Intelligence, PMI, SA, PMI Manufacturing SA, PMI Services SA Locations: NAHB, Toronto, Canada

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell swore in three members of the central bank's governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bank's first Latina governor. As Fed governors, they will vote at the Fed's eight yearly meetings on interest rate policies as well as on changes to financial regulations. Political Cartoons View All 1157 ImagesJefferson, who first joined the board last year, was sworn in as vice chair and will therefore work closely with Powell on interest rate policy. His term as vice chair will end Sept. 7, 2027, though he can remain on the board as a governor until 2036. She was a Marshall scholar at Oxford University and holds a Ph.D. in economics from the University of California, Berkeley.

Persons: Jerome Powell, Philip Jefferson, Adriana Kugler, Joe Biden, aren't, Kugler, Lael Brainard, Obama, Jefferson, Powell, Biden, Lisa Cook, Cook Organizations: WASHINGTON, —, Latina, Georgetown University, Fed, United States ’, World Bank, Labor, Davidson College, University of Virginia, Michigan State University, Harvard University’s Kennedy School of Government, Oxford University, University of California Locations: Georgetown, United States, North Carolina, Marshall, Berkeley

☆ Fed's inflation fight isn't done yet despite good progress, says former Fed governor
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's inflation fight isn't done yet despite good progress, says former Fed governorFrederic Mishkin, former Federal Reserve governor, joins 'Squawk Box' to discuss Mishkin's thoughs on the next Federal Reserve meeting, what the Federal Reserve is aiming to do in September, and what's keeping the economy afloat.

Persons: Frederic Mishkin Organizations: Federal Reserve, Reserve

☆ The strong economic data may mean another year-end rate hike, says former Fed Governor Kroszner
▼ + stars: | 2023-09-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe strong economic data may mean another year-end rate hike, says former Fed Governor KrosznerRandy Kroszner, former Federal Reserve governor and economics professor at the University of Chicago Booth of School Business, joins 'Squawk on the Street' to discuss whether the Fed will need to raise rates further, macro headwinds impacting the downward trajectory of inflation, and tracking the pace of long invariable lags.

Persons: Kroszner Randy Kroszner, University of Chicago Booth Organizations: Federal Reserve, University of Chicago, University of Chicago Booth of School Business

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

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