Cleveland Federal Reserve President Loretta Mester to Retire in 2024
The Cleveland Federal Reserve announced the search for a new leader, as current President Loretta Mester plans to retire in mid-2024. Mester, 65, known for advocating for tighter monetary policy, will reach mandatory retirement after serving in her position for 10 years by June next year. A committee consisting of Cleveland Fed board members will conduct the search, as the Fed aims for greater diversity among its governing body.
Heidi Gartland, deputy chair of the district’s board, will lead the efforts to find a suitable replacement for Mester. Gartland emphasized the need to find a leader who can maintain the high standard set by President Mester, positioning the Cleveland Fed as a significant resource to the community and the nation.
The new leader of the Cleveland Fed will have a vote in 2024 on the central bank’s rate-setting Federal Open Market Committee. In her most recent speech, Mester indicated the possibility of another interest rate hike before the end of the year as the Fed works to drive the inflation rate back to 2%.
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