Kevin Worth appoints veteran economists to bolster Federal Reserve team
Kevin Worth, the new chair of the Federal Reserve, has added two seasoned economists to his inner circle. Daniel Covits, with nearly three decades at the Fed, and Eric Engstrom, a specialist in monetary‑policy analysis, will serve as senior advisers, signaling Worth’s intent to ground decisions in deep institutional knowledge.
The appointments come as markets respond to the Fed’s tougher stance on inflation. Ten‑year break‑even rates have slipped to about 2.2%, the lowest in over a year, helped by falling oil prices and renewed confidence in the Fed’s resolve. Nonetheless, inflation remains elevated, with the personal‑consumption‑expenditures index at 4.1% in May and the core PCE at 3.4%, well above the Fed’s 2% target.