Federal Reserve Chairman Jerome Powell has appointed two senior central-bank economists, Daniel Covitz and Eric Engstrom, to serve as his advisers, The Wall Street Journal reported on Friday. The information was attributed by the newspaper to individuals familiar with the decision.
The Federal Reserve has not issued a formal announcement regarding the appointments.
Both Covitz and Engstrom are long-serving members of the Federal Reserve System’s staff with extensive experience in economic research and financial stability. Their new roles will place them in a direct advisory capacity to the chairman on monetary policy and economic matters.
Dr. Daniel Covitz currently serves as a deputy director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. In this role, he oversees the division’s work on financial stability and regulation. His research has focused on topics including corporate finance, the municipal bond market, and the economic effects of financial regulation. Covitz joined the Board’s staff as an economist in 1998 after earning his Ph.D. in economics from the University of Wisconsin.
Dr. Eric Engstrom is an associate director in the same division, where he has led sections focused on monetary policy and financial markets. His published research covers areas such as asset pricing, inflation forecasting, and the relationship between financial markets and the broader economy. Engstrom received his Ph.D. in economics from the University of Chicago and began his career at the Federal Reserve in 2005.
The Division of Research and Statistics is responsible for providing economic and financial analysis to the Board of Governors and the Federal Open Market Committee (FOMC), the Fed’s policy-setting body. The division’s staff conduct research and prepare forecasts that inform the FOMC’s decisions on interest rates and other monetary policy tools.
These appointments occur as the Federal Reserve continues its work to manage inflation and maintain stability in the U.S. economy. The FOMC’s recent policy statements have highlighted ongoing economic conditions that influence its decision-making process. According to the Bureau of Labor Statistics, the annual inflation rate was most recently reported at [Editor’s Note: A live article would insert the latest official figure here], while the national unemployment rate stood at [ Editor’s Note: Latest official figure here ]. The committee’s actions are guided by its dual mandate from Congress to promote maximum employment and stable prices.
