Members of the Monetary Policy Committee are meeting for two days this week to decide on the base rate and asset purchases for September.
Mr McCafferty is taking the seat of Dr Adam Posen who left last month after three years to join the Peterson Institute, an economic research institute in America.
At the time of Mr McCafferty's announcement of the role, Chancellor George Osborne said he was "delighted" he had accepted the position.

Mr Osborne said: "I am delighted that Ian has agreed to join the MPC. His broad professional experience in business and industry, as well as his knowledge of the UK economy, will be extremely valuable to the committee in dealing with challenges it faces now and in the future."
Last month the Committee voted to keep the interest rate at 0.5 per cent, a rate held since March 2009, and the asset purchase rate at £375bn.
Some £50bn of asset purchases were added in July and the Committee expected this to take a further three months to complete.
It questioned how much impact the new 'Funding for Lending' scheme would have on the economy and said it would analyse this before making any more decisions about further asset purchases.