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Biden nominates historically diverse slate to Fed Board

Friday, January 14, 2022

By Andrea Shalal and Ann Saphir

WASHINGTON (Reuters) - U.S. President Joe Biden has picked former Federal Reserve Governor Sarah Bloom Raskin for the Fed's key regulatory post and two Black economists - Lisa Cook and Philip Jefferson - to serve on its board in what would represent a landmark demographic overhaul of the world's most powerful central bank.

The White House sent the nominations to the Senate late on Thursday, according to a source familiar with the process.

The appointments would fill out the ranks of a seven-member panel that wields tremendous influence over the U.S. economy and would make the Fed's top leadership the most diverse by race and gender in its 108-year history.

The appointments come as Biden's own plans to reboot the economy after the COVID-19 pandemic have run into an unexpected spike in inflation.

"President Biden has nominated a serious, qualified, nonpartisan group of five nominees for the Board of Governors of the Federal Reserve who together will bring an extraordinary amount of skill, experience, and competence to the Federal Reserve," said the source familiar with the nominations.

"They will prioritize the independence of the Federal Reserve and are committed to fighting inflation, maintaining stability in our economy in the midst of the pandemic, and making sure our economic growth broadly benefits all workers."

Cook, a professor of economics and international relations at Michigan State University, would be the first Black woman to serve as a Fed governor. Jefferson, a professor and senior administrator at Davidson College in North Carolina, would be only the fourth Black man to sit on the panel and the first in more than 15 years.

Biden's nominees would mean that the seven-member Board of Governors would include four women, also a first. Currently, the Fed's board has only six members, all white and four of whom are men.

The effort to make the central bank look more like America comes at a critical time. Inflation is at its highest level in decades. Unemployment is down, but U.S. employers have millions fewer workers on their payrolls than they did before the pandemic.

The Fed, charged with both keeping prices stable and maximizing U.S. employment, is debating how fast and how far to raise interest rates and otherwise tighten monetary policy to rein in inflation without short-circuiting the labor market.

The Fed's current leadership has already signaled readiness to start raising interest rates as early as March, dialing back from an ultra-accommodative footing that could test financial markets and influence the pace of recovery during an election year in which control of Congress is on the line.

Leading the pivot is Fed Chair Jerome Powell, whom Biden late last year asked to serve a second four-year term as chairman, starting next month. The Senate Banking Committee held Powell's nomination hearing https://www.reuters.com/business/feds-powell-heads-hill-hearing-with-inflation-focus-2022-01-11 on Tuesday, while Fed Governor Lael Brainard, who Biden has nominated to be the central bank's vice chair, appeared before the panel https://www.reuters.com/world/us/feds-most-important-task-is-control-inflation-brainard-says-2022-01-13 on Thursday.

Progressives had lobbied for more diverse picks to lead the Fed; the slate Biden put forward Thursday helps meet that demand.

Raskin, who spent four years as a Fed governor before being tapped as a deputy Treasury secretary from 2014 to 2017, is expected to bring tougher oversight to bear on Wall Street than the Fed's previous vice chair of supervision, Randal Quarles, who left the Fed at the end of last year.

Cook has written extensively about the economic consequences of racial disparities and gender inequality, and growing up lived through the violence of school desegregation in the U.S. South. Jefferson has written extensively on wages, poverty and income distribution.

Kevin Hassett, who chaired the Council of Economic Advisers under former President Donald Trump, said Jefferson was an "incredibly smart economist" and serious academic who should be confirmed by the Senate quickly.

"He's the kind of honorable, serious person at the Federal Reserve should have."

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26-01-2022 10:09:33 (UTC+7)

EUR/USD

1.1285

-0.0014 (-0.12%)

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EUR/USD

1.1285

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GBP/USD

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USD/JPY

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AUD/USD

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EUR/JPY

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EUR/CHF

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Crude Oil WTI Futures

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

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Adidas AG

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 EUR/USD1.1285Neutral
 GBP/USD1.3500Sell
 USD/JPY114.36↑ Buy
 AUD/USD0.7161↑ Sell
 USD/CAD1.2624↑ Buy
 EUR/JPY129.07↑ Buy
 EUR/CHF1.0388↑ Buy
 Gold1,836.90↑ Buy
 Silver23.887Sell
 Copper4.5080Neutral
 Crude Oil WTI87.03Neutral
 Brent Oil88.65Sell
 Natural Gas4.127↑ Buy
 US Coffee C239.35↑ Buy
 Euro Stoxx 504,177.45Sell
 S&P 5004,437.46↑ Buy
 DAX15,500.95Buy
 FTSE 1007,510.16Neutral
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,040.80Neutral
 IBEX 358,652.50↑ Sell
 BASF67.660↑ Sell
 Bayer51.73Neutral
 Allianz225.08↑ Buy
 Adidas245.46Neutral
 Lufthansa7.034↑ Buy
 Siemens AG141.98↑ Buy
 Deutsche Bank AG11.457Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 10:09:35
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ↀ Giá vàng thế giới
$1,835.85-13.89-0.75%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$87.19-0.3-0.35%
Brent$89.85-0.25-0.28%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.460,0022.770,00
EUR24.918,8126.315,80
GBP29.789,2431.061,45
JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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