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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FED
The Cleveland Fed has begun a search for its next president, with Loretta Mester required to step down from the position at end-June after 10 years in the position due to Fed age/length of service policies.
- The long-standing rules mean the timing is not a surprise, though since the Cleveland Fed president is a FOMC voter in 2024 (and 2026), it will be interesting to see whether her successor matches her hawkishness. The first full Fed rate cut is priced by the June 12th meeting, which would be Mester's last.
- Regional Fed presidents can serve until the age of 65, which Mester turned in October, though if they are appointed after turning 55 there is slightly more leeway but can't retire any older than 75.
- The Brookings Institution runs a helpful, frequently-updated page on "Who has to leave the Federal Reserve next?" that explains the rules, and the list of upcoming retirements. See Brookings' table below.
- The next president due to retire is Philly's Harker (Jun 2025), with Richmond's Barkin, NY's Williams, and SF's Daly all due to retire by 2028.
- That same year, Powell's term on the Board of Governors is due to end (separately, his second 4-year term as Chair ends in 2026). The next Board of Governors term to expire is Kugler's in Jan 2026.
Source: Brookings Institution
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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