Investors predict that the target rate will remain unchanged at the upcoming June 14 Federal Open Market Committee (FOMC) meeting, following the recent increase of the federal funds rate by 25 basis points on May 3. The Biden administration has appointed Philip Jefferson as the new vice chair to replace Lael Brainard, with the aim of maintaining price stability and overseeing the country's financial institutions. The latest data from the CME Fedwatch tool indicates that there is a high chance the interest rate will remain unchanged, but there is also a slim chance of a quarter-point rate hike to 5.50%. The appointment of Jefferson has raised questions about the impact on the central bank's policies and priorities moving forward, but reports suggest that he is aligned with Powell's efforts to curb inflation and is unlikely to push back against the Fed's current policies.