All articles tagged with #cleveland fed
The Federal Reserve Bank of Cleveland has appointed Beth M. Hammack as its next president and CEO, effective August 21, 2024. Hammack, who has over 30 years of experience in finance and capital markets, will represent the Fourth Federal Reserve District on the Federal Open Market Committee and lead the Cleveland Fed's 1,100 employees. She succeeds Loretta J. Mester and will be a voting member of the FOMC.
Beth M. Hammack, a Goldman Sachs executive, will succeed Loretta Mester as the president of the Cleveland Federal Reserve, officially taking office on August 21. Hammack, who has extensive experience in financial markets and monetary policy, will play a crucial role in the Federal Open Market Committee's rate-setting decisions.
Cleveland Fed President Loretta Mester sees interest rates moving above 5% and rates adjusted for inflation staying in positive territory for "some time." Mester called inflation "too high and too stubborn." The disaggregated data show that the inflation stubbornness is due mainly to the prices of services. The Fed's preferred measure of inflation climbed 4.6% in February from a year earlier. Mester acknowledged the challenges facing the banking system following the collapse of three banks in March but said, "The U.S. banking system is sound and resilient."