The new head of the Federal Reserve Bank of Cleveland is a veteran executive from Goldman Sachs.
The Cleveland Fed chose Beth Hammack, co-head of global finance at Goldman, as its new president and CEO on Wednesday, May 29.
Not only will Hammock oversee the 1,100 workers at the Cleveland Fed, but he will also serve as the district’s representative on the Federal Open Market Committee, which sets monetary policy for the United States.
“Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business lines and a proven commitment to mission-focused work,” said Heidi Gartland, chair of the search committee for the president and the Cleveland Fed’s board of directors.
“Her appreciation for the diversity, history and natural beauty of the Fourth District stood out during the interview process, as did her enthusiasm to make the region her home.”
In addition to serving on multiple advisory groups for the financial sector and the US Department of Treasury, Hammack has over thirty years of experience in the finance, capital markets, and risk management fields.
As a capital markets analyst, she began working at Goldman in 1993 and advanced through the ranks to become a managing director in 2003 and a partner in 2010. Loretta J. Mester, whose employment with the Fed is set to expire on June 30, 2024, is succeeded by her.
On Wednesday, the Federal Reserve also revealed data from its May 2024 Beige Book, which indicated that ten of its twelve districts had mild to slight economic growth.
“Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers,” the Fed said in the summary.
During the report’s covered period, there was an increase in demand for non-financial services, travel and tourism, and nonprofit and community organization services. Some districts reported that automakers were providing incentives, yet auto sales remained stagnant.
“Tight credit standards and high interest rates continue to constrain lending growth,” the Fed said in the summary.
Roughly two-thirds of American households now see their financial conditions “worse” as a result of rising prices, according to a new study conducted by the Federal Reserve.
Despite a decline from previous levels, the Fed’s statistics indicate that inflation remains the primary financial concern.
Indicators suggesting expenditure is exceeding take-home pay are also present. According to the survey, 38% of consumers stated that their monthly expenditure had increased and 34% of consumers stated that their monthly income had increased between 2022 and 2023.
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