"The Cleveland Fed is an institution with great strengths including its outstanding research on inflation measurement and forecasting, its contributions to financial stability analysis, and its innovative work in US Treasury revenue collections"
- Loretta Mester
The FOMC or the Federal Open Market Committee is comprised of presidents of the several Fed banks in the United States and members of the Fed Board of Governors. According to the U.S. law the FOMC is responsible for deciding future acts of the Fed. As Janet Yellen has already stepped in as the next Fed's Chairman she will try to introduce something new in the U.S. monetary policy. Earlier this year we have mentioned Yellen will have to get other members on her side. As policymakers are not univocal, Janet Yellen's first year as a Fed Chairman can be highly volatile and the changing doubts are introducing uncertainty into financial markets.
On June 1 Loretta Mester will become the next president of the Federal Reserve Bank of Cleveland. She will succeed retiring Sandra Pianalto, who will step down at the end of May after being more than a decade in this position. The Cleveland Fed is considered to be an institution with great strengths including research on inflation measurement and assessment of the economy. Moreover, the Cleveland Fed is responsible for supervising banking organizations, providing payment and other services to financial institutions as well as the U.S. Treasury. The new President will have a permanent vote on the committee, as all seven members of the Fed's board of governors.
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