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Fed's Brainard did not submit FOMC rate forecasts--spokesperson
June 17, 2014 / 6:07 PM / 3 years ago

Fed's Brainard did not submit FOMC rate forecasts--spokesperson

WASHINGTON, June 17 (Reuters) - New Federal Reserve Governor Lael Brainard was sworn in too late to submit economic and interest rate forecasts for this week’s meeting of the central bank’s policy committee, a Fed spokesperson said on Tuesday.

Brainard was sworn in on Monday after being confirmed by the Senate as a member of the Fed’s board last week.

The Fed’s two-day policy committee meeting, which opened on Tuesday, will include a review and public release of economic and interest rate projections made by individual Fed governors and the 12 regional bank presidents.

Including Brainard, there are five sitting Fed governors, with two empty seats.

The projections were due before Monday, said the spokesperson, who spoke on condition of anonymity.

The interest-rate projections are included in a closely watched “dot” chart that shows when each policymaker thinks rates should rise, and the projected level of the target rate at the end of 2015 and 2016, and over the long-run.

New Fed Vice Chair Stanley Fischer was sworn in as a Fed governor last month and his forecasts will be included in the projections, which will be released at 2 p.m. (1800 GMT) on Wednesday. (Reporting by Howard Schneider; Editing by Chizu Nomiyama)

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