The Cleveland branch of the Federal Reserve says Beth Hammack, an executive at investment bank Goldman Sachs, would be its next president effective Aug. 21.
WASHINGTON — The Cleveland branch of the Federal Reserve said Wednesday that Beth Hammack, a director at investment bank Goldman Sachs, would be its next president, effective Aug. 21.
Hammack, 52, has worked at Goldman Sachs since 1993. Most recently co-head of Global Finance, she also served as Global Treasurer and held senior trading positions. Hammack was appointed partner in 2010.
She succeeds Loretta Mester, who will step down on June 30 after ten years as chair of the Cleveland Fed. Fed presidents who are over 55 years of age at the time of their appointment are generally allowed to serve for a maximum of ten years.
Mester has long been a “hawk” on the Fed’s rate-setting committee, meaning she generally favors higher interest rates to protect against inflation, while “doves” typically support lower interest rates to boost the economy and employment. stimulate. Mester supported Chairman Jerome Powell’s sharp rate hikes to combat inflation in 2022 and last year, but was also willing to consider the possibility of rate cuts this year and said she believes inflation will likely continue to fall back toward the Fed’s target of 2%. %.