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The Cleveland Federal Reserve began a search for a new leader on Wednesday after current President Loretta Mester retires in mid-2024.
Often one of the bigger proponents of tighter monetary policy, Mester, 65, will be forced to retire as she will have served 10 years in her current role by June next year.
A committee made up of Cleveland Fed board members will conduct the search. The vacancy comes at a time when the Fed has been pushing for greater diversity within its governing body.
Heidi Gartland, vice president of the county board, will lead the effort to replace Mester.
“President Mester’s strong leadership over the past decade has positioned the Cleveland Fed as an important resource for the community and the nation,” Gartland said. “We are committed to finding a new leader who can ensure the Bank continues to meet the high standards set by President Mester.”
Whoever runs the Cleveland Fed will have a vote on the central bank’s rate-setting Federal Open Market Committee in 2024.
In her most recent speech, Mester said she thinks the Fed may need another rate hike before the end of the year as it aims to bring inflation back to 2%.
