Cleveland Fed Begins Search for New Leader as Mester's Tenure Nears End

The Cleveland Federal Reserve has initiated a search for a new leader as current President Loretta Mester plans to retire in mid-2024. Mester, known for advocating tighter monetary policy, will reach mandatory retirement after serving for 10 years. The search will be conducted by a committee of Cleveland Fed board members, with Heidi Gartland leading the effort. The vacancy comes at a time when the Fed aims for greater diversity among its governing body. The new leader will have a vote in the central bank's rate-setting Federal Open Market Committee in 2024.