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Fed Members

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Name
Title
Policy Stance
Rate Outlook Summary
Biography Summary
Voting Member
President, Federal Reserve Bank of Kansas City
Hawkish
George is concerned that unprecedented monetary accommodation has increased the risk of runaway inflation. She also worries the Fed is creating new financial bubbles that could eventually hurt economic growth and job gains. While rates should rise from zero, further increases should be gradual, she has cautioned.
George, born 1958, has been with the Kansas City Federal Reserve for more than three decades. She was appointed to the Kansas City Fed President position on October 1, 2011, replacing Thomas Hoenig. George was the first FOMC member use their debut vote to dissent.
No
President, Federal Reserve Bank of San Francisco
Neutral
The U.S. economy still requires accomodative monetary policy, but the Fed should raise rates gradually starting mid-year if the recovery continues to take hold. Williams sees full employment in the U.S. within the year.
Williams took office as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco on March 1, 2011. Prior to becoming the president, he was the executive vice president and director of research for the San Francisco bank.
Yes
Federal Reserve Governor
Dovish
Tarullo has been quiet on the topic of interest rate hikes this year, but recently voted in favor of removing the Fed's pledge to remain "patient" before tightening. Last year, Tarullo said that rate rises, once they start, can be gradual.
Tarullo, born November 1952, has served as a senior fellow at the Council on Foreign Relations and as a senior fellow at the Center for American Progress. President Barack Obama nominated Tarullo to the Board of Governors of the Federal Reserve. He took office on January 28, 2009, to fill an unexpired term ending 2022.
Yes
President, Federal Reserve Bank of Boston
Very Dovish
Rosengren would prefer to keep interest rates lower longer to spur job creation and fight deflation. He doesn’t have great confidence that inflation will move up as expected, according to a report in the Wall Street Journal. “We still are a long way from normalizing either short-term interest rates or our balance sheet,” he said in February.
A noted liberal, Rosengren took office on July 23, 2007, as president and chief executive officer of the First District Federal Reserve Bank, at Boston. In 2015, he serves as an alternate voting member of the Federal Open Market Committee. He joined the Federal Reserve Bank of Boston in 1985 as an economist in the Research Department.
No
Board of Governors
Neutral
Powell has signalled his willingness to raise interest rates this summer, but has cautioned that subsequent rate hikes should be gradual until the economy is on more solid footing. Recent remarks indicate that Powell will advocate for a June rate hike, but he has made no comment since the disappointing March jobs report.
A former partner at the Carlisle Group with close ties George H.W. Bush, Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.
Yes
President, Federal Reserve Bank of Cleveland
Hawkish
Mester believes the U.S. recovery is sustainable and that rate hikes should begin soon. Anticipating that inflation will pick up by the end of year, she is one of the FOMC members pushing to tighten as early as June, although she does not have a vote this year.
Mester took office on June 1, 2014, as the eleventh president and chief executive officer of the Fourth District Federal Reserve Bank, at Cleveland. She She began her career at the Federal Reserve Bank of Philadelphia in 1985 as an economist, most recently serving as executive vice president and director of research.
No
President, Federal Reserve Bank of St. Louis
Hawkish
Bullard no longer believes that zero interest rates are appropriate, noting that monetary policy would still be "extremely accommodative" even if the central bank soon tightens. He is worried that markets will react badly to the first rate hike, but even more concerned that asset bubbles will form if the Fed fails to act.
Bullard has been leading the St. Louis branch of the Fed since since 2008. In 2014, he was named the 7th most influential economist in the world by a leading publication. He received bachelor's degrees in economics and in quantitative methods and information systems from St. Cloud State University in 1984 and a Ph.D. in economics from Indiana University in 1990.
No
President, Federal Reserve Bank of Atlanta
Hawkish
Lockhart had been considered a dove, having never voted for a rate hike in his eight years on the FOMC. However, he has expressed a desire to raise interest rates mid-year 2015, insisting the Fed will not derail the recovery even if it acts too soon. "I am not taking much of a signal from the (weak) first quarter in my forecast for the second quarter and the rest of the year," Lockhart recently said.
Lockhart's career in finance included positions at Citibank and Heller Financial, and was later managing partner at the private equity firm Zephyr Management L.P., based in New York with activity in Africa and Latin America.
Yes
Federal Reserve Bank Governor
Neutral
As governor, Brainard has made few remarks directly associated with monetary policy.
Brainard took office as a member of the Board of Governors of the Federal Reserve System on June 16, 2014, to fill an unexpired term ending January 31, 2026. Prior to her appointment to the Board, Dr. Brainard served as Undersecretary of the U.S. Department of Treasury from 2010 to 2013.
Yes
President, Federal Reserve Bank of Chicago
Dovish
The Fed should not hike rates until at least 2016. Evans fears inflation will not rise to the Fed's target level of 2 percent until 2018, therefore he sees no need to raise interest rates anytime soon.
Evans has served as head of the Fed's Chicago branch since 2007. An economist, Evans has taught at the University of Chicago, the University of Michigan and the University of South Carolina.
Yes
President, Federal Reserve Bank of Richmond
Hawkish
Among the more vocal hawks on the FOMC, Lacker has made the case for the Fed to hike rates in June. He has said that while inflation is currently subdued, he expects consumer prices to heat up as the dollar's recent rally loses steam. "I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting," he recently said.
Lacker, born in 1955, earned a doctorate in economics from the University of Wisconsin and received a bachelor’s degree in economics from Franklin & Marshall College. Before joining the Fed in 1989, Lacker was an assistant professor of economics at Purdue University and previously worked at Wharton Econometrics.
Yes
Vice Chairman of the Federal Reserve
Neutral
Like Yellen, Fischer has said that a rate hike will "probably" be warranted by the end of 2015. “Whether it’s going to be June or September, or some later date, or some date in between, will depend on the data,” said Fischer. He has said his colleagues at the Fed want to be “reasonably confident” inflation is rising toward its 2 percent goal before moving.
Fischer, considered one of the foremost New Keynsian economists, was nominated by U.S. President Barack Obama as vice chair of the Federal Reserve in January 2014. From 2002 to 2005, he worked for Citigroup, rising to Vice Chairman before leaving to head the Bank of Israel. He was governor of the Bank of Israel from 2005 to 2013.
Yes
President, Federal Reserve Bank of New York, Vice Chairman FOMC
Dovish
Dudley favors a "go slow" approach to raising interest rates. In light of the disappointing March jobs report, Dudley has said that any rate hike might be pushed out further than markets have come to expect. He expects U.S. growth to slow to 1% in the first quarter from 2.2% in the final three months of 2014.
Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. He serves as the vice chairman and a permanent member of the FOMC. He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner, as United States Secretary of the Treasury.
Yes
Chairman
Dovish
Fearing markets may overreact to her remarks, Fed Chair Yellen has been notoriously hard to pin down on her expectations for a rate hike. However, she has recently said that tightening by the end of the year may be warranted, as long as the economy continues to improve. She also has said that annual inflation wouldn't necessarily need to return to 2% for the Fed to raise rates.
A noted Keynsian, Yellen was sworn in as Chairman on February 3, 2014, making her the first woman to hold the position. She succeeded Ben Bernanke, the architect of the Fed's unprecedented bond-buying stimulus. Under Bernanke, she served as Vice Chair from 2010 to 2014. Previously, she led the Federal Reserve Bank of San Francisco, and was Chair of the White House Council of Economic Advisers under President Bill Clinton.
Yes