Governor, Board of Governors
2026 voter 2027 voter
| Institution | Board of Governors |
|---|---|
| Current role since | May 25, 2012 |
| Term ends | January 31, 2028 |
| Official page | www.federalreserve.gov |
| On X | @federalreserve |
Chair of the Board and the FOMC from February 5, 2018 to May 22, 2026. Board member since May 25, 2012; seat expires January 31, 2028.
| Meeting | Decision | Vote | Preference |
|---|---|---|---|
| October 28, 2026 | hold 3.75–4.00% | With majority | |
| September 16, 2026 | hike 3.75–4.00% | With majority | |
| July 29, 2026 | hold 3.50–3.75% | With majority | |
| June 17, 2026 | hold 3.50–3.75% | With majority | |
| April 29, 2026 | hold 3.50–3.75% | With majority | |
| March 18, 2026 | hold 3.50–3.75% | With majority | |
| January 28, 2026 | hold 3.50–3.75% | With majority | |
| December 10, 2025 | cut 3.50–3.75% | With majority | |
| October 29, 2025 | cut 3.75–4.00% | With majority | |
| September 17, 2025 | cut 4.00–4.25% | With majority | |
| July 30, 2025 | hold 4.25–4.50% | With majority | |
| June 18, 2025 | hold 4.25–4.50% | With majority | |
| May 7, 2025 | hold 4.25–4.50% | With majority | |
| March 19, 2025 | hold 4.25–4.50% | With majority | |
| January 29, 2025 | hold 4.25–4.50% | With majority | |
| December 18, 2024 | cut 4.25–4.50% | With majority | |
| November 7, 2024 | cut 4.50–4.75% | With majority | |
| September 18, 2024 | cut 4.75–5.00% | With majority | |
| July 31, 2024 | hold 5.25–5.50% | With majority | |
| June 12, 2024 | hold 5.25–5.50% | With majority | |
| May 1, 2024 | hold 5.25–5.50% | With majority | |
| March 20, 2024 | hold 5.25–5.50% | With majority | |
| January 31, 2024 | hold 5.25–5.50% | With majority | |
| December 13, 2023 | hold 5.25–5.50% | With majority | |
| November 1, 2023 | hold 5.25–5.50% | With majority | |
| September 20, 2023 | hold 5.25–5.50% | With majority | |
| July 26, 2023 | hike 5.25–5.50% | With majority | |
| June 14, 2023 | hold 5.00–5.25% | With majority | |
| May 3, 2023 | hike 5.00–5.25% | With majority | |
| March 22, 2023 | hike 4.75–5.00% | With majority | |
| February 1, 2023 | hike 4.50–4.75% | With majority | |
| December 14, 2022 | hike 4.25–4.50% | With majority | |
| November 2, 2022 | hike 3.75–4.00% | With majority | |
| September 21, 2022 | hike 3.00–3.25% | With majority | |
| July 27, 2022 | hike 2.25–2.50% | With majority | |
| June 15, 2022 | hike 1.50–1.75% | With majority | |
| May 4, 2022 | hike 0.75–1.00% | With majority | |
| March 16, 2022 | hike 0.25–0.50% | With majority | |
| January 26, 2022 | hold 0.00–0.25% | With majority | |
| December 15, 2021 | hold 0.00–0.25% | With majority | |
| November 3, 2021 | hold 0.00–0.25% | With majority | |
| September 22, 2021 | hold 0.00–0.25% | With majority | |
| July 28, 2021 | hold 0.00–0.25% | With majority | |
| June 16, 2021 | hold 0.00–0.25% | With majority | |
| April 28, 2021 | hold 0.00–0.25% | With majority | |
| March 17, 2021 | hold 0.00–0.25% | With majority | |
| January 27, 2021 | hold 0.00–0.25% | With majority | |
| December 16, 2020 | hold 0.00–0.25% | With majority | |
| November 5, 2020 | hold 0.00–0.25% | With majority | |
| September 16, 2020 | hold 0.00–0.25% | With majority | |
| July 29, 2020 | hold 0.00–0.25% | With majority | |
| June 10, 2020 | hold 0.00–0.25% | With majority | |
| April 29, 2020 | hold 0.00–0.25% | With majority | |
| March 23, 2020 | other — | With majority | |
| March 15, 2020 | cut 0.00–0.25% | With majority | |
| March 3, 2020 | cut 1.00–1.25% | With majority | |
| January 29, 2020 | hold 1.50–1.75% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
May 31, 2026 Speech
For the 2026 John F. Kennedy Profile in Courage Award, John F. Kennedy Library Foundation, Boston, Massachusetts.
We use our monetary policy tools to promote maximum employment and stable prices. We regulate and supervise banks.
April 29, 2026 Press conferenceHawkish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to maintain the target range for the federal funds rate at 3½ to 3¾ percent. The economic outlook remains highly uncertain, and the conflict in the Middle East has added to this uncertainty.
March 21, 2026 Speech
American Society for Public Administration Annual Conference: Paul A. Volcker Public Integrity Award Ceremony (via pre-recorded video).
In a speech at the Economic Club of Chicago on May 19, 1982, with unemployment above 9 percent and critics calling for him to change course, Volcker acknowledged the pain of wringing out inflation through high interest rates but held out the prospect of a return to price stability, and with it a much brighter future.
March 18, 2026 Press conferenceHawkish
Federal Reserve Board, Washington.
This normalization of our policy stance should continue to help stabilize the labor market while allowing inflation to resume its downward trend toward 2 percent. But the implications of events in the Middle East for the U.S. economy are uncertain.
January 11, 2026 Statement
In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats.
December 10, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
In light of the continued tightening in money market interest rates relative to our administered rates, and other indicators of reserve market conditions, the Committee judged that reserve balances have declined to ample levels. Accordingly, at today's meeting, the Committee decided to initiate purchases of shorter-term Treasury securities—mainly Treasury bills—for the sole purpose of maintaining an ample supply of reserves over time.
December 1, 2025 Speech
George P. Shultz Memorial Lecture Series: Shultz and Economic Policy, Hoover Institution, Stanford University, Stanford, California.
Just to be clear, I will not address current economic conditions or monetary policy.
October 29, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to lower the target range for the federal funds rate by ¼ percentage point to 3¾ to 4 percent. Higher tariffs are pushing up prices in some categories of goods, resulting in higher overall inflation.
October 14, 2025 SpeechDovish
67th Annual Meeting of the National Association for Business Economics, Philadelphia, Pennsylvania.
In December 2020, as the economic outlook remained highly uncertain, the FOMC said that we expected to maintain that pace of purchases "until substantial further progress has been made toward the Committee's maximum employment and price stability goals." That guidance provided assurance that the Fed would not prematurely withdraw support while the economic recovery remained fragile amid unprecedented conditions.
October 9, 2025 Speech
Community Bank Conference, Federal Reserve Board, Washington, D.C. (via pre-recorded video).
September 23, 2025 SpeechDovish
Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, Rhode Island.
This policy stance, which I see as still modestly restrictive, leaves us well positioned to respond to potential economic developments.
September 17, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to lower the target range for the federal funds rate by ¼ percentage point to 4 to 4¼ percent and to continue reducing the size of our balance sheet. Changes to government policies continue to evolve, and their effects on the economy remain uncertain.
August 22, 2025 SpeechDovish
At "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy," an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.
With inflation above target, our policy rate is restrictive—modestly so, in my view. We cannot say for certain where rates will settle out over the longer run, but their neutral level may now be higher than during the 2010s, reflecting changes in productivity, demographics, fiscal policy, and other factors that affect the balance between saving and investment (figure 6) .
July 30, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to maintain the target range for the federal funds rate at 4¼ to 4½ percent and to continue reducing the size of our balance sheet. We will continue to determine the appropriate stance of monetary policy based on the incoming data, the evolving outlook, and the balance of risks.
July 22, 2025 Speech
Integrated Review of the Capital Framework for Large Banks Conference, Federal Reserve Board, Washington, D.C..
June 24, 2025 TestimonyDovish
Before the Committee on Financial Services, U.S. House of Representatives.
With the labor market at or near maximum employment and inflation remaining somewhat elevated, the Federal Open Market Committee (FOMC) has maintained the target range for the federal funds rate at 4-1/4 to 4-1/2 percent since the beginning of the year. We have also continued to reduce our holdings of Treasury and agency mortgage-backed securities and, beginning in April, further slowed the pace of this decline to facilitate a smooth transition to ample reserve balances.
June 18, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to maintain the target range for the federal funds rate at 4¼ to 4½ percent and to continue reducing the size of our balance sheet. We will continue to determine the appropriate stance of monetary policy based on the incoming data, the evolving outlook, and the balance of risks.
June 2, 2025 Speech
Division of International Finance 75th Anniversary Conference, Federal Reserve Board, Washington, D.C..
For instance, the division has devised new methods to measure and assess the effect of various types of uncertainty on economic activity, including new indexes that were built to track geopolitical risk, inflation, trade policy, and economic uncertainty. As we continue to navigate the current period of heightened uncertainty, this work is critical to understanding the quantitative implications of uncertainty shocks.
May 25, 2025 Speech
At Princeton University, Princeton, New Jersey.
May 15, 2025 Speech
Second Thomas Laubach Research Conference, hosted by the Federal Reserve Board, Washington, D.C..
This change reflected our experience with long expansions that featured historically low unemployment amid low and stable inflation, suggesting that a policy approach that carefully probed for the maximum level of employment could bring about the benefits of a strong labor market without risking price stability. In the years just prior to the pandemic, for example, unemployment was at multidecade lows while inflation ran below 2 percent.
May 7, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
At today's meeting, the Committee decided to maintain the target range for the federal funds rate at 4¼ to 4½ percent and to continue reducing the size of the balance sheet. The new Administration is in the process of implementing substantial policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation.
April 16, 2025 SpeechDovish
Economic Club of Chicago, Chicago, Illinois.
As we act to meet that obligation, we will balance our maximum employment and price-stability mandates, keeping in mind that, without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans. We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension.
April 4, 2025 SpeechDovish
Society for Advancing Business Editing and Writing Annual Conference, Arlington, Virginia.
Monetary Policy Turning to monetary policy, we face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation. The new Administration is in the process of implementing substantial policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation.
March 19, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
As we say in our statement, in considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will assess incoming data, the evolving outlook, and the balance of risks. We do not need to be in a hurry to adjust our policy stance, and we are well positioned to wait for greater clarity.
March 7, 2025 Speech
University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum, New York, New York.
Conclusion Before I conclude, I will note that at our last FOMC meeting, we began our second five-year review of our monetary policy framework. We will consider changes to our consensus statement (Statement on Longer-Run Goals and Monetary Policy Strategy) and to our communications as part of this review.
February 11, 2025 TestimonyDovish
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C..
The focus of this review is on the FOMC's Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee's approach to monetary policy, and on the Committee's policy communications tools. The Committee's 2 percent longer-run inflation goal will be retained and will not be a focus of the review.
January 29, 2025 Press conferenceDovish
Federal Reserve Board, Washington.
I would note that the Committee's 2 percent longer-run inflation goal will, will be retained and will not be a focus of the review. The Fed has been assigned two goals for monetary policy: maximum employment and stable prices.