Randal Quarles and Marvin Goodfriend have been picked to be the nominees for two of the three open slots at the Federal Reserve, The New York Times reported, citing people with direct knowledge of the decision. The report said it’s unclear when the White House would nominate them. Quarles, a former Treasury Department official, has long been rumored to get the vice chairman for supervision role. Goodfriend is a professor at the Carnegie Mellon Tepper School of Business and a former Richmond Fed official. Both Quarles and Goodfriend have expressed support for the idea that the Fed should have a more formulaic way to set interest rates. Goodfriend also has been a critic of the Fed’s bond purchases.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News