St. Louis Fed announces its next president – Alberto Musalem

Theresa Sheehan

The St. Louis Fed announces its selection of Alberto G. Musalem to be its next president and CEO. He will be sworn in on April 2, 2024. Musalem will complete the unexpired term that ends February 28, 2026 and be eligible for reappointment after it expires. When he takes office, Musalem will be in line as a voter in the 2025 FOMC rotation. In 2023, the St. Louis Fed is an alternate should the president of the Atlanta Fed be unavailable to vote for any reason.

The appointment of Musalem is not the only change in the near future among the presidents of the 12 district banks. Cleveland’s Loretta Mester will be leaving as of June 30, 2024. Her replacement has not yet been announced. Until then, Mester has a vote in the FOMC rotation. If no successor to Mester is in place after her retirement, Chicago’s Austen Goolsbee will vote as an alternate.

The implications for monetary policy in 2023 are minimal. At present, all FOMC participants could be described as pragmatic hawks as they try to parse the inflation data and meet the price stability side of the dual mandate.

 

About the Author: Theresa Sheehan

Terry has followed the US economic data for over 35 years. First working with economic databases at McGraw/Hill-Data Resources, then as an economic data reporter at Market News International, and later as an analyst at Stone McCarthy Research Associates. She is deeply familiar with the major high-frequency data reports that drive the financial news cycle. She has followed the ins-and-out of the Board of Governors and District Bank Presidents, and developments in monetary policy as conditions have changed since the Volcker years. Terry is a graduate of the University of Maryland University College with bachelor’s degrees in English, Information Management, and Psychology.

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