The Cleveland Federal Reserve appoints Beth Hammack from Goldman Sachs as its new president.
Hammack, who's 52 years old, is moving from Goldman Sachs to the Cleveland Fed after working there for three decades. She'll be part of the decision-making process for monetary policy from August 21st, when her term begins. For the Federal Open Market Committee's July meeting, Cleveland Fed Vice President Mark S. Meder will be the one making the crucial decisions.
The Fed is now evaluating when to lower interest rates following a summer where they were raised to a historic high. The surprise halt in inflation caused the Fed to push back their initial rate cut timeline. However, recent subpar job and spending growth reports have placed rate cuts back on the agenda.
This story is still unfolding and will be updated.
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Hammack's background in finance and business strategy from her time at Goldman Sachs will be beneficial in her role at the Cleveland Fed. The recent economic slowdown has led some businesses to reconsider their investment strategies.
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