Hammack was until earlier this year co-head of global financing at Goldman, where she also served on the management committee
Loretta Mester , president and CEO of the Fed eral Reserve Bank of Cleveland, speaks at a conference at Columbia University, in New York, on Feb. 29.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.
Hammack “has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business lines, and a proven commitment to mission-focused work,” Heidi Gartland, a member of the Cleveland Fed’s board of directors who served as chair of the bank’s presidential search committee, said in a statement.
The Fed hiked rates aggressively between the spring of 2022 and last July in an attempt to bring inflation back down to its 2 per cent 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.
Her tenure at the Cleveland Fed was defined by her often-hawkish monetary policy outlook. She has the highest rate of dissenting votes among current voting members of the FOMC, voting against her colleagues in favor of tighter monetary policy in 7 per cent of her 41 votes, according to data from Wrightson ICAP Mester. Mester will attend the Fed’s June 11-12 policy meeting.
Bank Policy Board Mester Hammack Inflation Vote Philadelphia Fed FOMC Federal Open Market Committee
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