Cleveland Fed names former Goldman Sachs executive Beth Hammack to succeed Mester as president

This photo provided by the Federal Reserve Bank of Cleveland shows Beth M. Hammack. The Federal Reserve Bank of Cleveland has announced that Hammack will be its next president and CEO. – 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. Mester was a longtime “hawk” on the Fed's interest-rate setting committee, which meant she generally preferred higher interest rates to guard against inflation, while “doves” typically support lower rates to boost the economy and employment.

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Cleveland Fed names Goldman Sachs executive Hammack to succeed Mester as presidentThe Cleveland branch of the Federal Reserve says that Beth Hammack, an executive at investment bank Goldman Sachs, would be its next president effective Aug. 21. Hammack, 52, has worked at Goldman Sachs since 1993. She was most recently the cohead of global finance, and has also served as global treasurer and held senior trading roles.
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Cleveland Fed names Goldman Sachs executive Hammack to succeed Mester as presidentWASHINGTON (AP) — The Cleveland branch of the Federal Reserve said Wednesday that Beth Hammack, an executive at investment bank Goldman Sachs, would be
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