3 officials sworn in at Federal Reserve, as governing board reaches full strength

Federal Reserve Chair Jerome Powell swore in three members of the central bank’s governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bank’s first Latina governor. The officials, all appointed by President Joe Biden, aren’t expected to alter the Fed’s policies in the near term, as most economists expect the Fed to keep its key interest rate unchanged at its next meeting Sept. 19-20. Yet the Fed could lift its rate one more time this year if inflation doesn’t cool fast enough. A report Wednesday showed inflation slowing but only gradually.