In a Senate Banking Committee hearing on the economy, Republicans reiterated their demand for more transparency from Sarah Bloom Raskin, President Biden's pick to serve as vice chairman for supervision at the Federal Reserve.

The Fed is getting a late start as it is, say observers. Its poky pace of target rate action is setting up the markets for a rush beginning in March.

The Federal Reserve in Washington remains mostly in a remote posture, and at the Office of the Comptroller of the Currency, no final decision has been made.

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Investors are making a major miscalculation by betting the Federal Reserve’s coming cycle of interest-rate hikes will end with its key rate not too far from where it is now.

The White House's pick for vice chair for supervision, Sarah Bloom Raskin, took the brunt of criticism from Republicans on Thursday. But it seemed to do little to sow doubt among the Senate Banking Committee's moderate Democrats about Raskin or fellow nominees Lisa Cook and Philip Jefferson.

Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator's illness threatens to stall nomination votes in the full chamber.

Wall Street’s biggest banks are at odds over how fast and far the Federal Reserve will raise interest rates after Chair Jerome Powell signaled it could be more aggressive than previously anticipated in tackling the strongest inflation in four decades.

The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.

Jerome Powell sought to strike a political balance at his reconfirmation hearing. He assured Republicans the Federal Reserve wouldn't overstep its authority on bank mergers and other matters, while telling Democrats the central bank has a responsibility to monitor financial stability and the risks of climate change.