MNI BRIEF: Powell, Brainard, Cook, Jefferson Sworn In At Fed

Jerome Powell, Lael Brainard, Lisa Cook, and Philip Jefferson were sworn in Monday to the Federal Reserve’s Board of Governors, whose members set U.S. interest rate policy for the world’s biggest economy.

The new members will begin voting on policy in June, where they will also submit their projections for GDP growth, the unemployment rate, inflation, and the appropriate policy interest rate in the Summary of Economic Projections.

Cleveland Fed President Loretta Mester told MNI last week she would favor larger rate increases if inflation failed to come down by September, echoing remarks to MNI's FedSpeak podcast from Richmond Fed President Thomas Barkin earlier this month.