Goldman Sachs executive Beth Hammack appointed as new Cleveland Fed leader

Beth Hammack, a former executive at Goldman Sachs, will be the new president of the Cleveland Federal Reserve starting on August 21. She worked at Goldman Sachs for many years and held important roles there. The Federal Reserve wants to keep interest rates high to control inflation but also avoid an economic slowdown. This is why they chose Hammack to lead the Cleveland branch. Hammack's appointment is crucial because the Federal Reserve is focused on managing inflation and economic growth. The current Chair, Jerome Powell, wants to keep interest rates high to control inflation but not so high that it harms the economy. Hammack will replace Loretta Mester, who is retiring after serving as president for ten years. Hammack has a strong background in finance and has served in leadership roles at Goldman Sachs. She is well-educated, with degrees in quantitative economics and history from Stanford University. Her experience and expertise make her a good fit for leading the Cleveland Federal Reserve. The Federal Reserve has a committee that decides on interest rates, and only some members can vote on these decisions. Hammack will have the opportunity to vote at important meetings later this year. Her leadership will be crucial in shaping the Federal Reserve's policies on interest rates and economic growth.