Free Trial

Shelton Likely To Be Confirmed To Fed Board Tues Or Weds

FED

Bloomberg cites an aide saying that a Senate confirmation vote "could happen Tuesday or Wednesday" on Judy Shelton to join the board of governors of the Federal Reserve for a term running to 2024.

  • Reports that Alaska Republican Senator Murkowski would cast her vote in favor of Shelton likely means that there is likely sufficient support for the nomination to pass.
  • It remains unclear when Christopher Waller's nomination will see a vote, though his nomination is seen as relatively uncontroversial and can wait until later this month or December.
  • The likely reason for Republican leadership pushing Shelton's vote now and not Waller's is that the Democrats' Mark Kelly will be sworn in following his defeat of Martha McSally in this month's Arizona special senate election. This would have made the Shelton approval margin too close for comfort.
  • In any event, while Shelton is seen as a controversial appointment due to "unorthodox" economic leanings, the political debate over her nomination is less fraught following the presidential election, as she was seen by some as a possible eventual replacement for Chair Powell by President Trump.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.