The Cleveland Fed named former Goldman Sachs executive Beth Hammack as its next president, adding a longtime Wall Street figure to the powerful central bank ...
The Fed eral Reserve Bank of Cleveland named former Goldman Sachs executive Beth Hammack as its next president , adding a longtime Wall Street figure to the powerful central bank committee that decides the direction of interest rates.
Hammack will take office on August 21, and will become a voting member of the Federal Open Market Committee, the group at the Fed that ultimately decides the direction of monetary policy.To fill in the gap until her August start date, Cleveland Fed first vice president Mark Meder will serve as interim president once Mester steps down at the end of June.
Mester has been among the Fed officials cautioning that rates will likely stay higher for longer. She said this month she no longer thinks three rate cuts are appropriate this year given disappointing inflation data in the first quarter.Trump Throws Absolute Fit In Middle-Of-The-Night Attack On Robert De NiroJudge scolds Trump lawyer for ‘outrageous’ comments in closing about Trump’s prison threat
Canada's Finance Minister Chrystia Freeland said on Tuesday that the federal budget presented to the Parliament last month had created conditions for interest rates to come down. The government has "been very mindful of acting in such a way that would create conditions that support the decline in inflation, or creating conditions that would make it possible for the bank to bring interest rates down," she told reporters at a conference in Ottawa.
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