The Cleveland Federal Reserve announced on Wednesday that Beth Hammack, formerly a high-ranking executive at Goldman Sachs, will become the regional Fed...
NEW YORK - The Cleveland Fed eral Reserve announced on Wednesday that Beth Hammack , formerly a high-ranking executive at Goldman Sachs , will become the regional Fed bank's new president, replacing Loretta Mester , who is set to retire at the end of June.
The Fed hiked rates aggressively between the spring of 2022 and last July in an attempt to bring inflation back down to its 2% target. Easing price pressures last year opened the door to the prospect of rate cuts this year, but sturdier-than-expected inflation data in the first months of 2024 pushed back the timing of any easing, with markets now eyeing a cut sometime in the fall.
Regional Fed bank presidents lead quasi-private institutions that are technically owned by member banks, operating under the oversight of the Fed's Board of Governors in Washington. Each of the 12 regional banks is overseen by boards of directors drawn from their respective communities. Board members who do not work for financial firms regulated by the Fed manage the process to find new leadership, subject to the approval of the central bank.
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