Goldman Sachs CEO Beth Hammack will head the Cleveland Fed

Beth Hammack, a Goldman Sachs executive and longtime financial industry leader, will lead the Federal Reserve Bank of Cleveland as its next president and CEO, Central Banking District announced Wednesday.

Hammock will succeed Loretta Mester, who will step down on June 30. On August 21, she will officially become the twelfth president of the Cleveland Fed, and first vice president Mark Meder will serve as interim president.

“It is a great privilege to serve the Fourth District and the country as we fulfill our mission: promoting a strong, stable economy in which all Americans have the opportunity to thrive,” Hammack said.

“I look forward to meeting the people who work and live in the Fourth District, as well as their representatives on the [Federal Open Market Committee] and as their neighbor. I can't wait to lead the Bank's talented team as we carry out our important mission every day,” she added.

Hammack takes over at a critical time for the central bank. The president of the Cleveland Fed will cast a vote on the FOMC, which will weigh whether or not to cut rates in the coming months.

The FOMC raised interest rates from near zero in March 2022 to a range of 5.25 to 5.5 percent in July last year, where they have kept rates at 23-year highs in every meeting since.

While Fed Chairman Jerome Powell indicated last December that rate cuts were on the table in 2024, a slight increase in inflation has pushed that timeline further into the year. A majority of interest rate traders expect that the first interest rate cuts will not take place until November CME FedWatch tool.

Hammack has worked in finance, capital markets and risk management for more than thirty years, most recently as co-head of global finance at Goldman Sachs. She joined Goldman Sachs in 1993 as an analyst and became partner and co-head of U.S. cash rates trading in 2010, according to her LinkedIn.

Hammack is a graduate of Stanford University with degrees in quantitative economics and history.

“Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business operations and a proven commitment to mission-oriented work,” said Heidi Gartland, chair of the presidential search committee and the board of directors of the Cleveland Fed. directors and chief government and community relations officer at university hospitals.

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