The president of the Chicago Federal Reserve will be an economist named Austan Goolsbee early next year.
Goolsbee will take the seat in January of 2023 and finish the term begun by Charles Evans that ends in February of 2026.
Goolsbee was the chairman of the White House's Council of Economic Advisors from 2010-11 and is currently a professor at the University of Chicago. He is as well.
Austan is the best choice to lead the Federal Reserve Bank of Chicago. The chair of the Chicago Fed's board of directors said that he is a highly accomplished economist with extensive policy experience.
The central bank is at a sensitive time.
As part of an effort to fight the highest levels of inflation in more than 40 years, the Fed has raised its benchmark interest rate half a dozen times this year. The Fed could cause a recession if it is too tight.
In recent remarks to CNBC, Goolsbee indicated that the Fed won't be able to back off from its policy tightening if the recent slowdown in inflation data is any indication.
The consumer price index report showed that inflation rose less than expected on a monthly basis. Unless and until you get that core monthly inflation down in a comfortable range, the voices that are saying'slow down, cool off' are still going to be a little muffled.
The Federal Open Market Committee will not have Goolsbee on it. He's going to be a voter in 2025.
According to a Chicago Fed release announcing the appointment, the new district president is a leading empirical economist. According to the release, Goolsbee has advocated for alternate measures of inflation.
One of the crown jewels of the central bank system is the Chicago Fed.
He said in a statement that he was both excited and honored to serve the public. The economy has been challenging. The bank has an important role to play in helping the district thrive.
Governors and regional presidents have been rotating in and out of the Fed recently.
Governors Philip Jefferson and Lisa Cook are among the newer members.
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