Michele Cavallo

In their time

Meetings by Chair

Bernanke1Yellen3Powell38Warsh3

Policy rate

0–0.25% → 3.75–4%

+375 bp · Jan 2014 – Sep 2026

Rate moves

8 hikes · 6 cuts

31 holds at their meetings

Dissents witnessed

25

at 14 of 45 meetings

Unanimous

69%

31 of 45 meetings

Recessions

1

2020

US presidents

3

Obama · Trump · Biden

In the room

• Senior Economist, Division of International Finance, Board of Governors1 meetingJan 28–29, 2014
• Section Chief, Division of Monetary Affairs, Board of Governors7 meetingsMar 14–15, 2017 – Apr 30 – May 1, 2019
• Principal Economist, Division of Monetary Affairs, Board of Governors12 meetingsDec 10–11, 2019 – Jun 15–16, 2021
• Principal Economist, Division of Monetary Affairs, Board8 meetingsSep 21–22, 2021 – Jun 11–12, 2024
• Special Adviser to the Board, Division of Board Members, Board17 meetingsSep 17–18, 2024 – Sep 15–16, 2026