3 officials sworn in at Federal Reserve, as governing board reaches full strength

abcnews.go.com:

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

WASHINGTON — 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.

The officials, all appointed by President Joe Biden, aren't expected to alter the Fed's policies in the near term, as most economists expect the Fed to keep its key interest rate unchanged at its next meeting Sept. 19-20. Yet the Fed could lift its rate one more time this year if inflation doesn't cool fast enough. A report Wednesday showed inflation slowing but only gradually.

As the Fed grapples with how to finetune interest rates going forward, the three officials could argue against more rate hikes or even push to cut rates, out of concern excessively-high rates could tip the economy into recession. 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.

Kugler, a Georgetown University economist, will fill a seat on the Fed's seven-member board of governors vacated by Lael Brainard, who left the Fed to become a top economic adviser to President Joe Biden. Kugler will serve out the remainder of Brainard's term, until January 31, 2026.

Kugler, whose background is in international and labor economics, has been on leave from Georgetown to serve as the United States’ representative on the board of the World Bank. During the Obama administration, she was the Labor