Chair of the Board of Governors of the US Federal Reserve System Jerome Powell uses his mobile phone before the start of the G7 Finance Ministers and Central Bank Governors' Meeting opening session at International Conference Room of Toki Messe in Niigata, northern Japan, 11 May 2023. KIMIMASA MAYAMA/Pool via REUTERS 

US Secretary of the Treasury Janet Yellen talks with Chair of the Board of Governors of the US Federal Reserve System Jerome Powell before the start of the G7 Finance Ministers and Central Bank Governors' Meeting opening session at International Conference Room of Toki Messe in Niigata, northern Japan, 11 May 2023. KIMIMASA MAYAMA/Pool via REUTERS 

US Secretary of the Treasury Janet Yellen talks with British Chancellor of the Exchequer Jeremy Hunt, Chair of the Board of Governors of the US Federal Reserve System Jerome Powell before the start of the G7 Finance Ministers and Central Bank Governors' Meeting opening session at International Conference Room of Toki Messe in Niigata, northern Japan, 11 May 2023. KIMIMASA MAYAMA/Pool via REUTERS 

Lisa D. Cook, member of the Board of Governors of the Federal Reserve System, attends a meeting at Teton National Park where financial leaders from around the world gathered for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim Urquhart 

Member of the Board of Governors of the Federal Reserve System Lisa D. Cook attends a dinner program at Grand Teton National Park where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 25, 2022. REUTERS/Jim Urquhart 

The hand of U.S. Senator Raphael Warnock (D-GA) is seen as he asks a question to Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, looks on during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, is seen on screen as he answers a question to U.S. Senator Raphael Warnock (D-GA), during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, answers a question to U.S. Senator Raphael Warnock (D-GA), during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

U.S. Senator Raphael Warnock (D-GA) asks a question to Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

U.S. Senator Raphael Warnock (D-GA) listens to Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

U.S. Senator Elizabeth Warren (D-MA) listens as Dr. Philip Nathan Jefferson (not seen), of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

U.S. Senator Jon Ossoff (D-GA) listens as Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S. February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, nominated to be a Member of the Board of Governors of the Federal Reserve System, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S. February 3, 2022. Bill Clark/Pool via REUTERS 

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. Bill Clark/Pool via REUTERS 

Dr. Lisa DeNell Cook, of Michigan, to be a Member of the Board of Governors of the Federal Reserve System, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Dr. Philip Nathan Jefferson, of North Carolina, to be a Member of the Board of Governors of the Federal Reserve System, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Steven T. Mnuchin, Secretary, Department of the Treasury, left, elbow bumps Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System, after the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

(L-R) Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System and Steven T. Mnuchin, Secretary, Department of the Treasury during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

(L-R) Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System and Steven T. Mnuchin, Secretary, Department of the Treasury during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

(L-R) Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System and Steven T. Mnuchin, Secretary, Department of the Treasury during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Steven T. Mnuchin, Secretary, Department of the Treasury and Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Steven T. Mnuchin, Secretary, Department of the Treasury and Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Steven T. Mnuchin, Secretary, Department of the Treasury and Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System at the start of the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Steven T. Mnuchin, Secretary, Department of the Treasury and Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System before the start of the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System, before the start of the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System, arrives before the start of the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS 

John Williams, President of the Federal Reserve of New York, and former Vice Chairman of the Board of Governors of the Federal Reserve System, Roger W. Ferguson Jr., walk together during the three-day "Challenges for Monetary Policy" conference in Jackson Hole, Wyoming, U.S., August 23, 2019. REUTERS/Jonathan Crosby 

Lael Brainard, member of the Board of Governors of the Federal Reserve System leaves the three-day "Challenges for Monetary Policy" conference in Jackson Hole, Wyoming, U.S., August 23, 2019. REUTERS/Jonathan Crosby 

Vice Chair of the U.S. Federal Reserve System Stanley Fischer arrives to hear Governor of the Bank of England Mark Carney delivering the Michel Camdessus Central Banking Lecture at the International Monetary Fund in Washington, U.S., September 18, 2017. REUTERS/Joshua Roberts 

Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. REUTERS/Joshua Roberts 

Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. REUTERS/Joshua Roberts 

Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. REUTERS/Joshua Roberts 

Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. REUTERS/Joshua Roberts 

Jerome H. Powell, a governor on the board of the Federal Reserve System, prepares to testify to the Senate Banking Committee on Capitol Hill in Washington, U.S., June 22, 2017. REUTERS/Joshua Roberts 

The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 

The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 

The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts