Inflation, economic recovery and job market seen to be driving the Fed
Powell also elevated inflation-fighting as a more urgent priority than supporting job growth
Quarles has served as the Fed's first vice chair of supervision, giving him wide-ranging authority over the banking system
About half the Fed's policymakers forecast the first rate hike would be in late 2022
Federal Reserve Chair Jerome Powell expects that inflation will remain elevated well into next year
High debt levels and rising rates may keep consumers on the sidelines
Democratic Sen. Elizabeth Warren also urged the Securities and Exchange Commission to investigate the investments by three Fed officials
Robert Kaplan's resignation follows a similar announcement earlier Monday by Eric Rosengren
Rosengren has worked at the Boston Fed for 35 years and spent the last 14 as president
Inflation has surged as consumer spending and disrupted supply chains have created shortages