U.S. Markets

Richard Clarida sworn in as vice chair of U.S. Federal Reserve

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Monday that Richard Clarida has been sworn in as a member of its board of governors and as vice chairman, the second most powerful position at the central bank.

The oath of office was administered by Fed Chairman Jerome Powell on Monday, the Fed said in a statement. Clarida had been confirmed by the Senate late last month.

It means that Clarida, formerly a managing director at fund manager Pimco and an economics professor at Columbia University, will vote on monetary policy at the Fed’s next meeting on Sept. 25-26.

The Fed is widely expected to raise interest rates at that meeting, which would be the third such increase this year.

Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci