Michelle W. Bowman was sworn in Monday as a member of the Board of Governors of the Federal Reserve System, the Fed announced.
Michelle Bowman, governor of the U.S. Federal Reserve nominee for U.S. President Donald Trump, arrives to a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, May 15, 2018. Bowman, a Kansas state bank commissioner, has been nominated to fill a seat at the Fed Board in Washington reserved for a person with community bank experience. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The oath of office was administered by Fed Chair Jerome H. Powell. Bowman was accompanied by her husband and her two children.
Bowman was confirmed by the Senate on Nov. 15.
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S&P Global Ratings dropped Los Angeles' ratings and assigned a negative outlook, citing a "weakening financial position and an emerging structural imbalance."
"Easing tariffs, a slowing economy and an improved supply/demand outlook for munis in May and onward should drive muni market pricing going forward," BofA strategists said.
Tariffs imposed by the Trump administration are already affecting port operations as Moody's has revised the U.S. ports sector to a negative outlook reflecting an expected 7%-12% decline in volume.