10:08 AM » Grand Central: Fed Reinforcements on the Way
The Wall Street Journal's Daily Report on Global Central Banks for Friday, April 25, 2014 Sign up for the newsletter: http://on.wsj.com/grandcentralsignup . Janet Yellen got good news from the Senate Banking Committee Thursday: The prospect of reinforcements. The panel will vote Tuesday on President Barack Obama's three nominees for seats on the seven-seat Federal Reserve Board of Governors. That increases the odds the group will be in place in time for the Fed's policy meeting June 18-19, when the central bank updates its interest rate and economic forecasts and Chairwoman Yellen holds her second press conference. The Fed is now operating with four governors - Ms. Yellen, Daniel Tarullo, Jeremy Stein and Jerome Powell. The three nominees are Mr. Powell, who has been tapped for a new term, plus Stanley Fischer and Lael Brainard. Mr. Stein has announced he'll be leaving the Fed at the end of May and returning to his post as a professor at Harvard University.