New faces of the FOMC
3 new members have joined FOMC (The Federal Open Market Committee) since the Fed’s previous policy meeting in April. They are:
- Stanley Fischer as the Fed’s vice chairman;
- Lael Brainard as a new member of the board;
- Loretta J. Mester as the new president of the Federal Reserve Bank of Cleveland.
According to from Standard Chartered, the Fed’s Chairwoman Janet Yellen may have been emboldened by Fischer and Brainard, who likely backed her dovish stance.