Federal Reserve Board update - Nomura

Analysts at Nomura offered a Federal Reserve Board update.

Key Quotes:

"The Senate voted 65-32 to confirm Randal Quarles as a member of the Federal Reserve Board. He will fill the role of Vice Chairman for Supervision."

"Quarles will join the Board immediately following his confirmation and swearing in, allowing him to start work before Stanley Fischer’s expected resignation on or around 13 October."

"Quarles may take a more flexible approach to regulation than his predecessor, former Governor Tarullo, but will likely follow the lead set by Chair Yellen on monetary policy over the medium term."