WASHINGTON — The Cleveland branch of the Federal Reserve said Wednesday that Beth Hammack, a former executive at investment bank Goldman Sachs, would be its next president effective Aug. 21.
The Fed is seeking to both keep borrowing costs high to reduce inflation while at the same time trying to avoid an economic slowdown or recession that can sometimes result from too-high interest rates, which raise the cost of a mortgage, auto loan, credit card debt, and business borrowing.Hammack will follow Loretta Mester, who is retiring June 30 after a decade as president of the Cleveland Fed. Fed presidents generally are required to step down once they reach the age of 65.
A group of car starter battery makers will contest European Union accusations of operating a cartel to fix battery prices at a closed hearing next week, people with direct knowledge of the matter said on Wednesday. Together with trade body Eurobat and its service provider Kellen, which were also charged by the European Commission, the companies will present their arguments at a week-long hearing in Brussels, they said.Shares of Dick's Sporting Goods are jumping in early trading.