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The St. Louis Fed on Thursday announced Alberto Moussallem as its next president and gave him a seat on the committee that determines the direction of U.S. interest rates.
Mr. Musallem, 55, who will take office on April 2, has previously served as executive vice president and senior adviser to the president at the New York Fed and as an economist at the IMF.
Most recently, he served as CEO and co-chief investment officer of Evince Asset Management, a quantitative investment technology firm he co-founded in 2018.
As president of the St. Louis Fed, Mr. Musallem will alternate with other regional Fed presidents as a voting member of the Federal Open Market Committee, which decides whether interest rates should rise or fall. He will become a voting member of the commission from 2025.
He will continue to participate in discussions this year, but will not have final say on monetary policy.
The FOMC raised interest rates last year to a 22-year high, but has signaled that rates are likely to peak and a cut is likely to occur in 2024. The median expectation among Fed officials is for three rate cuts this year.
The St. Louis Fed isn’t the only regional Fed to change leadership this year. Cleveland Fed President Loretta Mester is scheduled to retire in mid-year, citing the Fed’s mandatory age and seniority policies, leaving room for a new hire.
Mr. Mussallem will succeed Jim Bullard, who announced last July that he would step down as dean of Purdue University’s business school after 15 years.
Musallem holds a Ph.D. He holds a bachelor’s degree in economics from the University of Pennsylvania and master’s and bachelor’s degrees in economics from the London School of Economics and Political Science.
“I am honored to serve as the next president of the St. Louis Fed and am grateful for the opportunity to foster a strong, resilient, and inclusive economy,” said Musallem.
“I look forward to representing this region of the country in the monetary policy arena and working with the people and communities of the 8th Federal Reserve Board. I’m eager to get started.”
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