MNI BRIEF: Fed's Rosengren to Retire Thursday, Citing Health

Boston Fed President Eric Rosengren announced Monday he will retire on Thursday because of a kidney ailment, moving up prior plans to leave next June when he would have reached the mandatory retirement age for the position.

The role of interim president, while the search for a regular replacement ramps up, will be assumed by Kenneth Montgomery, the Bank's first vice president and chief operating officer, a statement from the Boston Fed said. The statement also said Rosengren qualified for a kidney transplant list in June 2020, and stepping away from his job now could delay the need for dialysis.

Rosengren has been Boston Fed president since 2007. The announcement comes after the Fed began a review of ethics policies triggered by reports that officials including Rosengren traded stocks in areas that might have been influenced by the Fed's expanded reach into financial markets during the pandemic.