LAEL BRAINARD

President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation.

The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors.

The Senate has confirmed Michigan State economist Lisa Cook to serve on the Federal Reserve’s board of governors.

The three major U.S. banking regulators say they plan to rewrite many of the outdated regulations tied to a decades-old banking law.

The changes would tailor the Community Reinvestment Act's approach to making sure banks are not engaging in "redlining."

Lael Brainard is the lone Democrat on the board for now, and has prior economic experience during the Clinton and Obama administrations.

The Senate 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.

The Senate confirmed Lael Brainard to be the Fed's next vice chair, a long-awaited step in her ascent to the top of the central bank.

President Joe Biden will nominate Michael Barr to be the Fed's big banks regulator, the administration's second attempt to fill the post.

That higher rates help stamp out inflation is essentially an article of faith, based on long-held economic gospel. But how does it really work?

The new era of inflation has only just begun to wreak havoc

As the Federal Reserve intensifies its efforts to tame high inflation, its top officials are casting their aggressive drive in a new light: As a blow against economic inequality.

Asian shares have tracked a retreat on Wall Street after details from last month’s Federal Reserve meeting showed the central bank plans to be aggressive in fighting inflation.

Federal Reserve officials are signaling that they will take a more aggressive approach to fighting high inflation in the coming months — actions that will make borrowing sharply more expensive for consumers and businesses and heighten risks to the economy.

The 10-year Treasury rose Wednesday as investors weighed remarks from Federal Reserve Governor Lael Brainard.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, March 30, 2022. Stock futures inched higher in overnight trading Tuesday as investors await the latest insights into the Federal Reserve's policy tightening. S&P 500 futures added 0.1% and Nasdaq 100 futures ticked up 0.2%. The moves in stock futures came after the three major stock averages each fell in Tuesday's regular session. San Francisco Fed President Mary Daly also pledged rate hikes ahead while sharing concerns about inflation.

Investors didn't like what the heard from the Fed's Lael Brainard and Mary Daly, sending major averages considerably lower on the day.

The average rate on the popular 30-year fixed mortgage just crossed 5%, for the first time 2011, save two days in 2018. It stood at 3.38% one year ago today.

Brainard said that policy tightening will include a speedy reduction in the balance sheet and a steady pace of interest rate increases.

The Senate on Tuesday agreed to consider the nomination of Lisa Cook for a position on the Federal Reserve’s Board of Governors on a 50-49 party-line vote.

The Senate Banking Committee has approved Jerome Powell’s nomination to a second four-year term as chair of the Federal Reserve.

Sen. Joe Manchin says he opposes the nomination of Sarah Bloom Raskin to a key position on the Federal Reserve’s Board of Governors.

Federal Reserve Governor Christopher Waller says he is willing to support a half-point interest rate hike at the central bank’s next meeting in March.

Republican members of the Senate Banking Committee boycotted a vote on President Joe Biden’s five nominees to the Federal Reserve, delaying indefinitely the confirmation of Chair Jerome Powell to a second four-year term.

A worsening inflation picture has touched off a range of opinions from the Federal Reserve’s policymakers about just how fast they should raise interest rates beginning at their next meeting in March.

How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.

The Fed released its exploration of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment.

President Joe Biden nominated three people for the Federal Reserve’s Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the board.

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden is expected to announce for the Fed board on Friday.

President Joe Biden will nominate Sarah Bloom Raskin to be the Federal Reserve's next vice chair for supervision.

Lael Brainard, President Joe Biden’s nominee for the Federal Reserve’s No. 2 spot, said Thursday that combating high inflation is the Fed’s top priority and promised the Fed could bring it down without sacrificing job growth.

Lael Brainard pledged in written remarks to help the Federal Reserve fight a spike in inflation while still supporting the economic recovery — a tricky balancing act she would face if confirmed as the Fed’s No. 2 official.

Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Banking Committee as part of his confirmation process.

The bond market could continue to set the course stocks in the week ahead, after a choppy start to the new year.

LBJ tried jawboning.

Treasury yields rose on Tuesday morning, as investors digested the news that Jerome Powell had been renominated to the role of Federal Reserve chair.

Asian shares are mixed after a late drop left major Wall Street indexes mostly lower.

Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession.

President Joe Biden will discuss his decision to renominate Fed Chairman Jerome Powell and promote Gov. Lael Brainard to vice chair of the central bank.

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

Lael Brainard, whom progressives had pushed to lead the central bank, nominated as vice chair.

President Joe Biden announced he’s nominating Jerome Powell for a second term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market.

Biden's decision to nominate Lael Brainard is thought to be the work of progressives, who say she'll put emphasis on climate change and equitability.

President Joe Biden made the announcement Monday morning following weeks of speculation that Fed Governor Lael Brainard could get the spot.

U.S. Treasury yields rose on Monday morning after President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair.

Stocks have a track record of posting gains during Thanksgiving week, which will set the stage for a potential year-end Santa rally.

If history is a guide, the market should do well in the upcoming Thanksgiving holiday week.

Two Senate Democrats said Friday they oppose the reappointment of Jerome Powell as chair of the Federal Reserve, as President Joe Biden is expected to announce within days who he will pick for the nation’s most powerful economic position.

If Biden nominates her as Fed chief and she’s confirmed, the role of the global economy may no longer have to be whispered in U.S. monetary policy.

A discussion with the Vassar professor on the role trust plays in how we view our modern economic and political institutions.

Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy.

If Lael Brainard is named Federal Reserve chairman, the market may move to price in a Fed that could be slower to raise interest rates or tighten policy.

Federal Reserve Chair Jerome Powell said inequality can prevent the U.S. economy from reaching its potential.

President Joe Biden met with Federal Reserve Chairman Jerome Powell and Governor Lael Brainard on Thursday, a source told CNBC.

Fed Governor Lael Brainard should figure prominently as President Joe Biden weighs who will chair the central bank and who will specifically supervise banks.

When the U.S. government issues the September jobs report on Friday, the spotlight will fall not only on how many people were hired last month.

Federal Reserve Governor Lael Brainard said the Fed is developing scenario analysis tools to model big banks' exposure to climate-related financial risks.

Resistance to the potential renomination of Federal Reserve Chair Jerome Powell intensified this week, with Sen. Elizabeth Warren becoming the first senator to publicly oppose Powell and many progressive groups pushing for some alternative leader at the Fed.

At least three Federal Reserve officials said Monday they are ready to pull back on stimulus even though they don't see a threat from inflation.

U.S. Treasury yields rose on Monday morning, with investors looking ahead to scheduled speeches from Federal Reserve Chairman Jerome Powell.

The Fed is pushing ahead with its study into whether to implement its own digital currency, Chairman Jerome Powell said.

The Federal Reserve is projecting higher inflation this year than it had previously forecast, but says prices will cool more next year.

The president of the Federal Reserve Bank of Boston added his voice to a growing number of people, inside and outside the Fed, who say the central bank should soon begin to dial back its extraordinary aid for an economy that is strongly recovering from the pandemic recession.

The future of the Fed is up for grabs with Wall Street pushing Biden to reappoint Chair Jerome Powell and progressives calling for a fresh face.

The Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.

Two former leaders of the U.S. Commodity Futures Trading Commission (CFTC) lay out the case for a digital dollar.

Fed Governor Lael Brainard pressed the case for a digital dollar, saying that a cryptocurrency backed by the central bank could provide a variety of benefits.

The recent pickup in inflation may, in fact, be a temporary — and welcome — change for those who fear a slowdown in U.S. GDP.

Gas prices are rising.

A top Federal Reserve official says the outlook for the U.S. economy is bright but the recent jobs report is a reminder that the path of the recovery is likely to be uneven and difficult to predict. Lael Brainard, a member of the Fed's board, said Tuesday in a virtual conference sponsored by the Society for Advancing Business Editing and Writing, that employment and inflation remain far from the Fed's goals. The Fed has said it will not start raising interest rates until it has achieved maximum employment and annual prices gains that have not only hit the Fed's 2% target, but exceeded that target for a period of time.

The Federal Reserve is warning that prices of stocks and other financial assets are rising to levels that could set investors up for big losses from sudden declines.

Brainard said that while the U.S. economic outlook has "brightened considerably," it remains well away from the central bank's goals.

The Federal Reserve has taken another step forward in efforts to ensure that the financial system is protected against climate risks. As the central bank turns its attention increasingly toward the matter, the Fed has created a Financial Stability Climate Committee and a Supervision Climate Committee. The panels will focus on "the potential for complex interactions across the financial system," Fed Governor Lael Brainard said in remarks Tuesday. "Climate change and the transition to a sustainable economy also pose risks to the stability of the broader financial system. The Financial Stability Climate Committee will address "macroprudential risks" for how climate could pose systemic risks to the institutions the Fed supervises.

But when the pandemic slammed the U.S. economy a year ago, it swept away her job — and millions of others. Getting back the jobs lost to the pandemic is likely to prove a struggle. Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. Millions of jobs lost likely won't come back — especially at employers that require face-to-face contact with consumers: Hotels, restaurants, retailers, entertainment venues. Jamison wonders whether the front desk operation will eventually be eliminated, the jobs lost as guests use keys on their smartphones to go straight to their rooms.

Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. No one knows exactly what the job market will look like when the virus finally ends its rampage. The U.S. Labor Department, too, has tried to estimate the pandemic’s likely impact on the job market. Before taking the pandemic into account, the department last year projected that U.S. jobs would grow 3.7% between 2019 and 2029. “At this point," she said, “they have to move on with their lives.”Jamison wonders whether the front desk operation will eventually be eliminated altogether, the jobs lost to automation.

Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. (AP Photo/Ahn Young-joon)BANGKOK – Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. Shares have yoyo'd recently with fluctuations in bond yields. When yields rise quickly, as they have in recent weeks, it forces Wall Street to rethink the value of stocks. U.S. government bond yields rose Wednesday after easing a day earlier.

Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. (AP Photo/Eugene Hoshiko)BEIJING – Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. Investors have taken heart from an easing in bond prices that has alleviated worries over possible interest rate hikes. But expectations for stronger economic growth in coming months continue to fuel worries that interest rates will head higher. Higher interest rates force investors to rethink how much they’re willing to pay for stocks, making each $1 of profit that companies earn a little less valuable.

U.S. stocks held steady on Tuesday after the S&P 500 rallied more than 2% in the previous session for its best day since June. The S&P 500 was flat and the tech-heavy Nasdaq Composite dipped 0.1%. The 10-year Treasury yield, a point of focus lately for equity investors, was flat at 1.45%. All 11 S&P sectors finished in the green and the S&P 500 posted its best day since June 5. Both the Dow and the Nasdaq clinched their best trading day since November.

Stocks rose across the board Monday on Wall Street as traders welcomed a move lower in long-term interest rates in the bond market. Investors also watched Washington, D.C., as a big economic stimulus bill moved to the Senate. The Dow Jones Industrial Average was up a little over 600 points, or nearly 2%, to 31,535, and the tech-heavy Nasdaq composite rose 3%. Higher interest rates can slow the economy and discourage borrowing. Investors will get several big economic reports this week, including February's jobs report on Friday.

Stocks are rising across the board on Wall Street as traders welcomed a move lower in long-term interest rates in the bond market. Investors were also watching Washington as a big economic stimulus bill moved to the Senate. The Dow Jones Industrial Average was up about 675 points, or nearly 2.2%, to 31,606 and the Nasdaq Composite rose 2.6%. Higher interest rates can slow the economy and discourage borrowing. Investors will get several big economic reports this week, including February's jobs report on Friday.

A man walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, March 2, 2021. Asian stock markets were mixed Tuesday after Wall Street rose as investor concern about possible higher interest rates receded. (AP Photo/Vincent Yu)TOKYO – Asian stock markets were mixed Tuesday after Wall Street rose as a wave of investor concern about possible higher interest rates receded. Market benchmarks in Tokyo, Shanghai and Hong Kong declined. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.

Treasury Secretary Janet Yellen is looking to appoint someone to monitor the risks that climate change pose to the financial system, The Wall Street Journal reported Friday. Yellen reportedly is eyeing Sarah Bloom Raskin, former deputy Treasury secretary during the Obama administration, to tackle the role. During her Senate confirmation hearing, Yellen stressed the need to address the risks climate change pose. However, efforts from the administration and other bodies to expand their mandate into climate change have received pushback from congressional Republicans, who worry about potential overreach. The latest round of stress tests the Fed will impose on the 19 largest banks does not include provisions related to climate change.

Powell also stressed that the Fed probably won't raise its rate until inflation has topped 2% for some time. The speculation was fueled by comments from several regional Fed bank presidents, including Raphael Bostic of the Atlanta Fed and Robert Kaplan of Dallas. Bostic said last week that he was “hopeful that in fairly short order we can start to recalibrate” the bond purchases. And Lael Brainard, another governor, said Wednesday that the current level of bond buying “will remain appropriate for quite some time.”Some regional Fed bank presidents have signaled that any reduction in bond purchases is probably a long way off. Still, Powell also said he was quite optimistic that the economy would rebound later this year, once COVID-19 vaccines are widely distributed.

Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. Unemployment for the lowest-paid workers in the U.S. is above 20%, a figure that Federal Reserve Governor Lael Brainard said underscores the importance of policy help for the economy. At a time when the national unemployment rate has come down from the pandemic peak of 14.7% to the current 6.7%, Fed economists estimate the jobless rate for the lowest quartile of earners is "likely above 20%," Brainard said. That comes as the Black unemployment rate is 9.9% and the Hispanic rate is at 9.3% while the rate for Whites is 6%. Brainard did not commit to a time frame for policy adjustments but noted that "the economy remains far from our goals."

Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Fed board member Lael Brainard also expressed doubts about the need for a rate hike given the low inflation, but said she would go along with the modest increase. That increase was followed by three quarter-point rate increases in 2017 as economic growth increased and the unemployment rate fell further. The Fed raised rates four times in 2018 after Yellen was replaced by Jerome Powell as Fed chair by President Donald Trump. Trump launched an unprecedented attack on the Fed’s rate hikes fearing negative affect on economic growth, breaking with the practice of past presidents to respect the Fed’s independence.

WASHINGTON – The Senate on Thursday narrowly confirmed the nomination of Christopher Waller for the Federal Reserve's Board of Governors, placing another of President Donald Trump's picks on the Fed's influential board after a string of high-profile rejections. Waller had won some Democratic votes when the Senate Banking Committee approved his nomination in July. And some worried that Waller would agree with the Fed's recent moves to loosen regulations on large banks. With Waller's confirmation by the Senate, four of the Fed's six governors have now been chosen by Trump. Trump’s two previous picks for the Fed's board, Stephen Moore and Herman Cain, ran into so much opposition that they withdrew from consideration before their nominations came before the Senate.

WASHINGTON – President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Either would be the first woman to serve as treasury secretary. Both Bostic and Ferguson are Black, and either would be the first Black treasury secretary. Brainard also advised President Bill Clinton and was floated as a potential treasury secretary if Hillary Clinton had won the 2016 election. He says, “They all acknowledge this is going to take a massive education campaign.”Biden’s treasury secretary would lead his economic team as many businesses and Americans struggle while the pandemic continues.

WASHINGTON – President-elect Joe Biden said Thursday that he has decided whom he will nominate for Treasury secretary, and that he will make the announcement in the coming weeks. "You'll soon hear my choice for Treasury, either just before or just after Thanksgiving," Biden told reporters in Wilmington, Delaware. Going into Thursday, Biden's team had signalled to allies in the business community that he had whittled down his list of options for Treasury secretary to at least three names, according to people briefed on the matter. Either Brainard or Yellen would be the first female Treasury secretary. "The way the federal reserve has been approaching dealing with the dollar, I think has been in a positive direction," said Biden.

WASHINGTON – A Federal Reserve official widely considered a front-runner to be tapped as President-elect Joe Biden's Treasury Secretary is urging universities and government agencies to make the field of economics more inclusive. Lael Brainard, a member of the Federal Reserve’s board of governors, noted Tuesday that the economics field is less diverse than other professions, such as law and medicine. Brainard noted that black women earned just 1.5% of undergraduate economics degrees from 2011 through 2015, far below their 6.2% share of all undergraduate degrees. Blacks and Latinos are also less likely to earn doctorates in economics than they are to receive medical degrees. She has served on the Fed's board since 2014 and was previously mentioned as a potential Treasury Secretary if Hillary Clinton had been elected in 2016.

In recent days, several central bank officials have spoken about the importance of taking climate change into effect when considering dangers posed to the system. Along with that, the Fed's financial stability report, which usually talks about how economic and market forces could impact banks, insurance companies and other firms, mentioned climate for the first time. In a statement accompanying the report, she noted that "climate change poses important risks to financial stability." Fed Chairman Jerome Powell also addressed the issue recently, noting at his post-meeting news conference a week ago that "incorporating climate change into our thinking about financial regulation is relatively new, as you know. "Until recently, the financial regulators in the United States haven't been seen as real leaders in climate.

The Fed report made public Wednesday said that the pace of activity varied greatly among sectors of the U.S. economy. “Restaurants in many districts expressed concern that cooler weather would slow sales as they have relied on outdoor dining,” the Fed report said. The Fed survey said that businesses reported only modest price increases with “notable exceptions.” Prices were up significantly for things such as food, autos and appliances, a development that has been linked to shortages stemming from the coronavirus. The Fed report was based on responses gathered by the Fed's 12 regional banks before Oct. 9. Congress so far has been unable to reach a compromise and provide another package of economic support for individuals and businesses.

The central bank issued a comprehensive report outlining the reasons why it might need to take the step. It said no decision has been made, and that any digital euro would complement cash, not replace it. We should be prepared to issue a digital euro, should the need arise.”A digital euro would be different from current cashless payment systems run by the private sector because it would be official central bank money - trustable, risk-free and likely less expensive to use. A central bank digital currency could also be used offline, for instance, to transfer small amounts between individuals using digital wallets on their smartphones and a Bluetooth connection. China’s central bank is already testing an official digital currency, while the central bank of Sweden says it has initiated a pilot project.

WASHINGTON – Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways that will likely keep short-term interest rates near zero for years to come. As a result, analysts expect the Fed will keep its benchmark rate unchanged after the two-day meeting that ends Wednesday. Analysts expect they will show that the Fed foresees keeping its benchmark rate at nearly zero through 2023. Instead, low unemployment and even rising wages no longer necessarily push up inflation, Fed officials believe. With most consumers and businesses accustomed to mild price increases, they have adjusted their behavior in ways that act to keep inflation low.

Economists call such an approach forward guidance, and the Fed used it extensively after the 2008-2009 recession. The Fed probably won't provide such guidance until its next meeting in September, economists say. Some Fed watchers expect no rate increase until 2024 at the earliest given their bleak outlook for the economy and expectations of continued ultra-low inflation. The Fed also launched nine lending programs to enable businesses and Wall Street banks to borrow at low rates. In recent speeches and appearances, Fed policymakers have sounded largely pessimistic about the economy.