The Fed: Cleveland Fed’s Mester to retire next June

by | Nov 8, 2023 | Stock Market

Loretta Mester will step down as the president of the Cleveland Federal Reserve in June 2024, the regional Fed bank announced Wednesday. In a statement, the Cleveland Fed said its board of directors will undertake a nationwide search for a new leader.

Mester was considered a policy hawk by Fed watchers, which is short-hand for officials who think the Fed’s mandate from Congress for stable prices can, at times, outweigh concerns with job growth. “She was one of the hardline anti-inflation people, but not rabid. She said the right things about inflation,” said Robert Brusca, president of FAO Economics. “You got to have people at the central bank who think they need to tame inflation. You can’t have people who think inflation is a house pet that’s going to behave,” he added. Mester assumed her role at the Cleveland Fed in June 2014. She is one of the top Fed officials who had spent their whole careers at the central bank. She joined the Philadelphia Fed as an economist in 1985 and worker her way up the ladder to become the top economic advisor to the president of the Philadelphia Fed. Mester’s retire …

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