Clarida sworn in to Fed

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Richard Clarida was sworn in as vice chairman and a member of the Federal Reserve System Board of Governors Monday, the Fed said.

Chairman Jerome H. Powell administered the oath.

Clarida will complete an unexpired term as a Board member, ending on January 31, 2022, and serve a four-year term as vice chairman. He was confirmed to both positions by the Senate last month.

The Fed meets next on Sept. 25 and 26, when the panel is expected to increase the feds fund rate target 25 basis points to a range of 2% to 2.25%, which would be the third hike this year.

Three vacancies remain on the Fed Board, as the nominations of Michelle Bowman, a Kansas state banking commissioner, and Marvin Goodfriend, a former Richmond Fed official, are still pending in the Senate.

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Monetary policy Richard Clarida Federal Reserve FOMC