Governor, Board of Governors
2026 voter 2027 voter
| Institution | Board of Governors |
|---|---|
| Current role since | December 18, 2020 |
| Term ends | January 31, 2030 |
| Official page | www.federalreserve.gov |
| On X | @federalreserve |
Took office December 18, 2020 to fill an unexpired term ending January 31, 2030.
| 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% | Dissent, for a cut | Preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| 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% | Dissent, for a cut | Preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. Absent and not voting was Adriana D. Kugler. |
| June 18, 2025 | hold 4.25–4.50% | With majority | |
| March 19, 2025 | hold 4.25–4.50% | Dissent, for a hold | Supported no change for the federal funds target range but preferred to continue the current pace of decline in securities holdings. |
| 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 | |
| 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 | |
| March 16, 2022 | hike 0.25–0.50% | 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 |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
October 8, 2026 SpeechHawkish
Istanbul Economic Forum, Central Bank of the Republic of Türkiye, Istanbul, Türkiye.
But I am concerned that the recent acceleration in inflation—after what soon will be five and a half years of it above the FOMC's target—will lead consumers, investors, and price-setting businesses to revise up their expectations for future inflation.
October 1, 2026 Speech
At "Navigating Trust, AI and Storytelling in a World of Data," FRED Con 2026, Federal Reserve Bank of St. Louis, St. Louis, Missouri.
For example, when researching data related to monetary policy or banking, we hope to link to relevant historical documents in the FRASER (Federal Reserve Archival System for Economic Research) library of Federal Reserve material.
September 29, 2026 Speech
At Sibos 2026, Miami, Florida.
September 3, 2026 SpeechHawkish
At Reuters NEXT Newsmaker Interview, Washington, D.C..
But if inflation comes in hot, I would consider a rate hike. I judge that policy is currently only slightly restricting aggregate demand, and it may not take much acceleration in inflation to nudge me into supporting tighter policy.
July 13, 2026 SpeechHawkish
New York Association for Business Economics, New York, New York.
Because core inflation is a good guide to future inflation, I am concerned that, if this upward trend continues, it will be hard to push inflation back toward the Committee's 2 percent goal with monetary policy at its current setting.
July 6, 2026 Speech
At "Challenges for Monetary Policy Transmission in a Changing World," a conference sponsored by the Bank of Italy for the research network initiated by the European System of Central Banks, Rome, Italy.
A case in point is the forward guidance the FOMC adopted in September 2020 when it said that liftoff from the effective lower bound would occur when conditions were consistent with maximum employment and when inflation had risen to 2 percent and was "on track to moderately exceed 2 percent for some time." In addition, the FOMC's guidance signaled that rate increases were on hold until tapering was well under way.
June 22, 2026 Speech
Fifth Conference on the International Roles of the Dollar, Board of Governors of the Federal Reserve System, Washington, D.C..
May 22, 2026 SpeechHawkish
At The Centre for Central Banking Guest Lecture, Frankfurt School of Finance and Management, Frankfurt, Germany.
With regard to future rate cuts, I am going to need to see improvement on inflation or a significant deterioration in the labor market before I would consider reducing the policy rate. So, on net, my current policy position is to hold rates steady for the near term.
May 8, 2026 Speech
Hoover Institution Annual Monetary Policy Conference, Stanford, California.
I believe that these improvements would keep the Fed's commitment to wisely use public resources in serving the American people and thus help support our independence in conducting monetary policy in the public's interest.
April 21, 2026 Speech
At The Brookings Institution, Washington, D.C..
Whenever anyone hears the words "Federal Reserve" they immediately think about monetary policy and the Federal Open Market Committee (FOMC) setting the federal funds rate. There is obviously tremendous media attention on those policy decisions, as there should be because they affect U.S. households and businesses and financial markets around the world.
April 17, 2026 SpeechDovish
David Kaserman Memorial Lecture, Department of Economics, Auburn University, Auburn, Alabama.
If I face this situation, I'll have to balance the risks to the two sides of the Fed's dual mandate to determine the appropriate path of policy, and that may mean maintaining the policy rate at the current target range if the risks to inflation outweigh those to the labor market.
February 24, 2026 Speech
Federal Reserve Bank of Boston 2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments, Boston, Massachusetts (via webcast).
Now most people associate the Federal Reserve with monetary policy—interest rates, inflation, and the decisions that make headlines when Fed officials meet eight times a year. But the bulk of our daily activity is doing operational work such as payments, financial management, human resources, and providing financial services to the U.S.
February 23, 2026 SpeechDovish
At The Great Realignment: Navigating AI, Demographic and Geoeconomic Change, 42nd Annual NABE Economic Policy Conference, The National Association for Business Economics, Washington, D.C..
If the labor market data for February are consistent with the stronger job creation and low unemployment rate initially reported in January, indicating that downside risks to the labor market have diminished, it may be appropriate to hold the FOMC's policy rate at current levels and watch for continued progress on inflation and strength in the labor market.
January 30, 2026 StatementDovish
With total inflation excluding tariff effects close to our target at just slightly above 2 percent and a weak labor market, the policy rate should be closer to neutral, which the median FOMC participant estimates is 3 percent, and not where we are—50 to 75 basis points above 3 percent.
November 17, 2025 SpeechDovish
Society of Professional Economists Annual Dinner, London, United Kingdom.
With underlying inflation close to the FOMC's target and evidence of a weak labor market, I support cutting the Committee's policy rate by another 25 basis points at our December meeting. For reasons I have explained, I am not worried about inflation accelerating or inflation expectations rising significantly.
October 21, 2025 Speech
Payments Innovation Conference, Federal Reserve Board, Washington, D.C..
To control the size of the accounts and associated impacts on the Fed's balance sheet, the Reserve Banks would not pay interest on balances in a payment account, and balance caps may be imposed. These accounts would not have daylight overdraft privileges—if the balance hits zero, payments will be rejected.
October 16, 2025 SpeechDovish
Council on Foreign Relations, New York, New York.
On the other hand, if the labor market continues to soften or even weaken and inflation remains in check, then I believe the FOMC should proceed to reduce the policy rate toward a neutral level, which I judge is about 100 to 125 basis points lower than it is today.
October 15, 2025 SpeechDovish
At DC Fintech Week, Arlington, Virginia.
Yet the unemployment rate in September 1950 was 4.4 percent, and it is 4.3 percent as of August 2025. This is why economists are typically techno-optimists—history has repeatedly shown that adopting new technologies leads to economic growth and greater employment, not less.
September 29, 2025 Speech
At Sibos 2025, Frankfurt, Germany.
August 28, 2025 SpeechDovish
Economic Club of Miami, Miami, Florida.
While I believe we should have cut in July, I am still hopeful that easing monetary policy at our next meeting can keep the labor market from deteriorating while returning inflation to the FOMC's goal of 2 percent. So, let's get on with it.
August 20, 2025 Speech
Wyoming Blockchain Symposium 2025, Teton Village, Wyoming.
That includes providing a means to access and hold U.S. dollars, particularly in countries with high inflation or without easy or affordable access to dollar cash or banking services. In fact, I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally.
August 1, 2025 StatementDovish
Meanwhile, the unemployment rate is 4.1 percent, near the Committee's longer-run estimate, and total inflation is close to our target at just slightly above 2 percent if we put aside tariff effects that I believe will be temporary. Taken together, the data imply the policy rate should be around neutral, which the median FOMC participant estimates is 3 percent, and not where we are—1.25 to 1.50 percentage points above 3 percent.
July 17, 2025 SpeechDovish
Money Marketeers of New York University, New York, New York.
And looking to later this year, if, as I expect, underlying inflation remains in check—with headline inflation data reporting modest, temporary increases from tariffs that are not unanchoring inflation expectations—and the economy continues to grow slowly, I would support further 25 basis point cuts to move monetary policy toward neutral.
July 10, 2025 SpeechDovish
Federal Reserve Bank of Dallas, Dallas, Texas.
I think of ample reserves as the threshold below which banks would need to scramble to find safe, liquid funding, something that would drive up the federal funds rate and money market interest rates across the economy. We have some experience with testing the level of ample reserves during an episode of stress in the financial system that occurred in 2019.
June 23, 2025 Speech
At "Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic" 2025 IJCB Research Conference, hosted by the Czech National Bank and the International Journal of Central Banking, Prague, Czech Republic.
Turning to this year's conference, we chose the theme based on events that have been very much on the minds of central bankers: "Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic." The past several years have seen significant monetary policy actions across the globe in response to COVID‐19–induced recessions, inflation higher than in several decades, unprecedented supply chain disruptions, and, in some countries, very tight labor markets.
June 1, 2025 SpeechDovish
At "Structural Shifts and Monetary Policy," 2025 Bank of Korea International Conference, Bank of Korea, Seoul, South Korea.
Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2 percent goal, and that the labor market remains solid, I would be supporting "good news" rate cuts later this year.
May 14, 2025 Speech
Award Ceremony for the Winners of the Bank Al-Maghrib Prize for Economic and Financial Research, Bank of Al-Maghrib, Rabat, Morocco.
He drew heavily on his and others' research on the 1930s, and related work on Japan's crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.
May 9, 2025 Speech
"John Taylor and Taylor Rules in Policy" Hoover Monetary Policy Conference: Finishing the Job and New Challenges, The Hoover Institution, Stanford, California.
However, the central bank could promise an inflation rate that was between the low-inflation equilibrium and the high-inflation equilibrium. If private individuals expected this intermediate inflation rate, then the gains from reneging would be reduced just enough to dissuade the central bank from breaking its promise.
April 23, 2025 Speech
At a Fed Listens Event hosted by the Federal Reserve Bank of St. Louis, St. Louis, Missouri.
I advised on monetary policy while engaging with people throughout the Eighth District, hearing their concerns about how they were faring in the economy, and how they were affected by inflation, interest rates, and the state of the job market. I learned a lot about the economies of Missouri, Illinois, Indiana, Kentucky, Tennessee, Mississippi, and Arkansas (see, I haven't forgotten!).
April 14, 2025 SpeechDovish
Certified Financial Analysts Society of St. Louis, St. Louis, Missouri.
With a rapidly slowing economy, even if inflation is running well above 2 percent, I expect the risk of recession would outweigh the risk of escalating inflation, especially if the effects of tariffs in raising inflation are expected to be short lived.
March 21, 2025 StatementDovish
At the most recent Federal Open Market Committee (FOMC) meeting, I supported no change in the federal funds target range but preferred to continue the current pace of decline in securities holdings.
February 17, 2025 SpeechDovish
University of New South Wales Macroeconomic Workshop, Sydney, New South Wales, Australia.
Before I get to my outlook for monetary policy, I want to address a topic of some debate recently, which is the divergence between long-term interest rates and the FOMC's policy rate since we started cutting rates in September. While the FOMC has reduced the policy rate 100 basis points since then, yields on the benchmark 10-year Treasury security have increased by a noticeable amount.
February 12, 2025 Speech
At A Very Stable Conference, San Francisco, California.
The smaller the interest rate spread, the more important scale becomes. For the fee-based models, free entry into this space will drive down fees as it does in any other market, which will reduce the revenue from issuing a stablecoin.
January 8, 2025 SpeechDovish
At Lectures of the Governor, Organization for Economic Cooperation and Development, Paris, France.
I believe policy is still restrictive in most cases, which should support the goals of policymakers to have inflation at their targets going forward.