President, Federal Reserve Bank of New York
2026 voter 2027 voter
| Institution | Federal Reserve Bank of New York (District 2) |
|---|---|
| Current role since | June 1, 2018 |
| Term ends | — |
| Official page | www.newyorkfed.org |
| On X | @NewYorkFed |
Became president in June 2018 (month only; day shown here is a placeholder). Permanent voter and Vice Chair of the FOMC. His alternate is First Vice President Sushmita Shukla.
| 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.
September 29, 2026 SpeechHawkish
If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target. But that is just my forecast, and time—and the totality of the data—will tell.
September 22, 2026 Speech
Given our responsibility here at the New York Fed to implement monetary policy on behalf of the FOMC, I will focus my remaining remarks on how innovations in market structure have impacted—and will continue to impact—monetary policy implementation.
July 15, 2026 Speech
In assessing the future path of monetary policy, my views, as always, will be based on the evolution of the totality of the data, the economic outlook, and the balance of risks to the achievement of our maximum employment and price stability goals.
May 28, 2026 Speech
For example, in the model simulations of the Federal Reserve Board's macro model presented for the FOMC meeting in February 2000, the near-term demand response outweighs the supply response, and real interest rate need to adjust upward more quickly than absent the productivity acceleration, see Board of Governors of the Federal Reserve System, " Monetary Policy Alternatives (Bluebook) ," January 28, 2000.
May 4, 2026 Speech
The elevated levels of inflation, mixed signals from the labor market, and heightened uncertainty from the Middle East conflict present an unusual set of circumstances, but the current stance of monetary policy is well positioned to balance the risks to our maximum employment and price stability goals. Accordingly, at its meeting last week, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
April 16, 2026 Speech
In assessing the future path of monetary policy, my views, as always, will be based on the evolution of the totality of the data, the economic outlook, and the balance of risks to the achievement of our maximum employment and price stability goals.
March 30, 2026 Speech
In assessing the future path of monetary policy, my views, as always, will be based on the evolution of the totality of the data, the economic outlook, and the balance of risks to the achievement of our maximum employment and price stability goals.
March 3, 2026 SpeechDovish
Looking further ahead, if inflation follows the path I expect, further reductions in the federal funds rate will eventually be warranted to prevent monetary policy from inadvertently becoming more restrictive.
January 12, 2026 SpeechDovish
By reducing the target range for the federal funds rate by a cumulative 75 basis points last year, the FOMC has moved the modestly restrictive stance of monetary policy closer to neutral. Monetary policy is now well positioned to support the stabilization of the labor market and the return of inflation to the FOMC's longer-run goal of 2 percent.
December 15, 2025 SpeechDovish
The accompanying FOMC statement said that "in considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." With these actions, monetary policy is well positioned as we head into 2026.
November 21, 2025 SpeechDovish
I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions. Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals.
November 12, 2025 Speech
The FOMC's discussion of monetary policy implementation frameworks is summarized in the minutes of the November 2018 , December 2018 , and January 2019 FOMC meetings.
November 7, 2025 Speech
The FOMC's discussion of monetary policy implementation frameworks is summarized in the minutes of the November 2018 , December 2018 , and January 2019 FOMC meetings.
October 3, 2025 Speech
Williams, 2013. " Monetary Policy Mistakes and the Evolution of Inflation Expectations ," in The Great Inflation: The Rebirth of Modern Central Banking , ed. by Michael D. Bordo and Athanasios Orphanides, Chicago: University of Chicago Press, 255-97.
September 4, 2025 SpeechDovish
Looking ahead, if progress on our dual mandate goals continues as in my baseline forecast, I anticipate it will become appropriate to move interest rates toward a more neutral stance over time. This expectation reflects a delicate balancing of risks to our mandate goals.
August 25, 2025 Speech
In addition, r-star has another important implication for monetary policy: A low r-star implies the economy can encounter more frequent and longer periods when monetary policy is constrained by the effective lower bound on nominal interest rates, potentially impeding the achievement of a central bank's inflation goals and other macroeconomic objectives.
July 16, 2025 Speech
The combination of continued uncertainty, a solid labor market, and inflation still above our 2 percent goal led the FOMC to decide to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent at its most recent meeting last month.
June 24, 2025 Speech
I am particularly focused on those that affect the achievement of the FOMC's dual mandate goals of maximum employment and price stability, which is defined as 2 percent inflation over the longer run.
May 22, 2025 Speech
I see this exercise as being in the spirit of William Poole's seminal analysis of the optimal instrument for monetary policy. My goal is to provide a useful background for the rich discussion ahead of us at this conference and elsewhere.
May 18, 2025 Speech
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
May 9, 2025 SpeechDovish
C., 2013. " Monetary Policy Mistakes and the Evolution of Inflation Expectations ," in The Great Inflation: The Rebirth of Modern Central Banking , eds. Michael D.
April 11, 2025 SpeechDovish
The answer is that the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labor market and inflation still above our 2 percent goal. Importantly, it gives us the opportunity to assess incoming data and developments, and ultimately positions us well to adjust to changing circumstances that affect the achievement of our dual mandate goals.
March 25, 2025 Speech
We recognize that what we do at the Federal Reserve—especially regarding monetary policy—affects banks and their customers in all sorts of ways.
March 21, 2025 SpeechDovish
I'll talk about global inflationary trends, inflation expectations, and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability.
March 7, 2025 SpeechDovish
Such stability of inflation expectations has a potentially important role in understanding why disinflation has not been accompanied by a slowdown in real activity." I couldn't agree more, and this passage led me to look more closely at inflation expectations and how monetary policy shocks affected these expectations.
February 11, 2025 SpeechDovish
With the labor market in balance and inflation moving toward our price stability goal, the FOMC decided at its most recent meeting in January to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent. In terms of the Fed's balance sheet, the process of gradually reducing our securities holdings is proceeding smoothly.
January 15, 2025 SpeechDovish
I'll also talk about how monetary policy is working to achieve the Fed's dual mandate of maximum employment and price stability. And finally, I'll speak about what's going on specifically in this region before providing my economic outlook.
January 14, 2025 Speech
Before I go further, let me give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.