WASHINGTON (AP) — Esther George, Chair of the Federal Reserve Bank of Kansas City, said Wednesday that she will retire in January, as required by the Fed’s mandatory retirement rules.
George, who has generally favored higher interest rates to stave off inflation—a “hawk” in Fed parlance—spent 40 years at the Kansas City Fed and became president nearly 11 years ago.
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Historically, the presidents of the Kansas City Fed have had sharp views, so their retirement may not have had a significant impact on interest rate policy.
George’s departure will mark a period of crucial trading among top Fed officials, just as the central bank is facing its worst inflation in 40 years. Chicago Fed President Charles Evans will also face compulsory retirement in the coming months.
The Senate this month confirmed two new members to the Fed’s board of governors in Washington, and also approved Chair Jerome Powell for a second four-year term. Governor Lyle Brainard was confirmed as vice chair, replacing Richard Clarida, who resigned in January.
Turnover has increased the Fed’s diversity. Biden’s two new governors, Lisa Cook and Philip Jefferson, are the fourth and fifth black governors in the Fed’s 108-year history.
And on July 1, Susan Collins, an economist and provost at the University of Michigan, will become chair of the Boston Federal Reserve, the first black woman to run a regional Fed Bank.
In August, Laurie Logan, executive vice president of the New York Federal Reserve, will become chairman of the Dallas Fed. Logan currently oversees the Fed’s trillions of dollars in Treasury and mortgage-backed bond holdings.
Credit: www.marketwatch.com /