NATIONAL NEWS

Cleveland Fed names Goldman Sachs executive Hammack to succeed Mester as president

May 29, 2024, 7:51 AM

WASHINGTON (AP) — The Cleveland branch of the Federal Reserve said Wednesday that Beth Hammack, an executive at investment bank Goldman Sachs, would be its next president effective Aug. 21.

Hammack, 52, has worked at Goldman Sachs since 1993. She was most recently the cohead of global finance, and has also served as global treasurer and held senior trading roles. Hammack was named a partner in 2010.

She will follow Loretta Mester, who is stepping down June 30 after a decade as president of the Cleveland Fed. Fed presidents older than 55 when they are appointed are typically limited to 10 years in the role.

Mester was a longtime “hawk” on the Fed’s interest-rate setting committee, which meant she generally preferred higher interest rates to guard against inflation, while “doves” typically support lower rates to boost the economy and employment. Mester supported Chair Jerome Powell’s sharp interest rate hikes to combat inflation in 2022 and last year, but has also been willing to entertain the possibility of rate cuts this year and has said she believes inflation is likely to continue falling back to the Fed’s target of 2%.

National News

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Cleveland Fed names Goldman Sachs executive Hammack to succeed Mester as president