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.
Econoday’s Global Economics articles detail the results of each week’s key economic events and offer consensus forecasts for what’s ahead in the coming week. Global Economics is sent via email on Friday Evenings.
The Daily Global Economic Review is a daily snapshot of economic events and analysis designed to keep you informed with timely and relevant information. Delivered directly to your inbox at 5:30pm ET each market day.
The countdown to 2025 has begun, and there’s no better way to prepare than with the 2025 Econoday Economic Journal—your essential guide to navigating the year ahead.