Fed’s Plosser to Retire in March

Charles Plosser, a leading inflation “hawk” at the Federal Reserve, announced Monday that he plans to retire March 1.

Plosser, who has been president of the Fed’s Philadelphia regional bank since August 2006, has been a leader of the officials known as hawks for their concerns that a continuation of low-interest rate policies could ignite inflation.

He has dissented at the past two Fed meetings, when the central bank voted to maintain its plan to keep a key short-term rate at a record low for a “considerable time.”

Plosser, 66, would have given up his vote on the Fed’s policymaking committee next year as part of the normal rotation of votes among the regional bank presidents. And the rules governing the Fed’s 12 regional banks would have required his retirement in 2016.

The regional bank presidents face mandatory retirement at age 65 or 10 years after first being appointed if they were appointed after 55, as Plosser was.

Another leading hawk, Richard Fisher, president of the Dallas regional Fed bank, is also expected to step down early next year. Fisher faces a mandatory retirement by April 30 but has yet to announce his plans.

via Mainichi

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