Looking for a dove
The Fed two open seat on the Board of Governors (7 seats with only 5 seats filled currently) and Pres. Trump is preparing to fill the seat with someone who fits his desire for lower rates.
He is considering renominating Marvin Goodfriend a professor of economics at the Carnigie Mellon. Goodfriend was nominated in November 2017 but his hearing before the Senate Banking Committee back in January 2017 did not go so well. The candidate appeared ill-prepared and his nomination fizzled before a vote.
Goodfriend is perceived as an inflation hawk. I don't know if that will sit well with the President who would prefer a more dovish Fed. The good news of late, is the current Fed has taken the foot of the hike brake (or so it seems). At the December meeting the Fed lowered their expectations for 2019 to two hike from three previously.
The FOMC Board consists of 7 governors, the President of the NY Fed and 4 other regional bank presidents (there are 11 bank presidents).
The 2019 board consists of
- Jerome Powell, Chairman of the Federal Reserve
- John Williams. NY Fed president and vice chairman
- Michelle W Bowman, Board of Governors
- Lael Brainard, Board of Governors
- Richard Clarida, Board of Governors
- Randal Quarles, Board of governors
- Charles Evans, Chicago Fed President
- Eric Rosengren, Boston Fed President
- James Bullard, St. Louis Fed President
- Esther George, Kansas City Fed president
