By Christopher Rugaber
The Senate on Thursday narrowly confirmed the nomination of Christopher Waller for the Federal Reserve's Board of Governors, placing another of President Donald Trump's picks on the Fed's influential board after a string of high-profile rejections.
The vote in favor of Waller's appointment was 48-47. Waller, research director for the St. Louis Federal Reserve Bank, taught economics for nearly 25 years before joining the St. Louis Fed in 2009. He has endured far less scrutiny than Judy Shelton, the controversial nominee he was paired with and who was voted down in the Senate last month.
Still, his confirmation vote broke down along party lines, a shift from the vote in the Senate Banking Committee in July, when some Democrats had supported him.
As an executive vice president of the St. Louis Fed Waller has attended dozens of meetings of the Fed’s interest rate-setting policy committee, of which he will now become a voting member. His research has focused on how the Fed’s communications affect financial markets and the benefits of an independent central bank. His term on the board will last until January 2030.
Waller, who holds a Ph.D. in economics from Washington State University, has taught at the University of Notre Dame, the University of Kentucky, and Indiana University.
Waller is a top aide to James Bullard, the president of the Federal Reserve Bank of St. Louis, and a well-known “dove.” Doves are policymakers who are generally thought to favor lower interest rates to help boost job growth and who tend to worry less about the risk of inflation. Those who worry more about the threat of inflation, by contrast, are generally referred to as “hawks.”
Carl Tannenbaum, chief economist at Chicago-based Northern Trust, and a former Fed economist, said Waller's economic tilt won't likely make much difference to the Fed’s policy, “because the Fed is almost as dovish as they can be.”
In contrast to Waller's conventional background, Shelton's past support for the gold standard, which involves tying the dollar's value to gold and is now mostly discredited, generated vociferous opposition from Democrats and discomfort among some Republicans. She was voted out of the Senate Banking Committee on a party-line vote in July only for her nomination to languish until after the presidential election.
Shelton also came under fire for appearing to change her views on interest rates to suit the political circumstances. She opposed the Fed's policy of pinning its benchmark interest rate at nearly zero when Barack Obama was president, only to support ultra-low rates after Trump's election. Her nomination failed on a 47-50 vote. Sens. Mitt Romney, R-Mass., and Susan Collins, R-Me., voted against Shelton.
With Waller's approval, four of the six governors have been appointed by Trump, and Chair Jerome Powell was elevated to his position by Trump. The only Democrat on the board of governors is Lael Brainard, who was widely considered a possible Treasury Secretary under President Biden. That position instead went to former Fed Chair Janet Yellen. One seat on the seven-member Board remains vacant.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
