Powell Hails ‘Steady Voice’ of Bostic as Atlanta Fed Chief Retires

Federal Reserve Chair Jerome Powell hailed the “steady voice” of Raphael W. Bostic, as the Atlanta Fed president announced his retirement for February. Powell’s praise underscores Bostic’s role as a calming influence during a turbulent period for the central bank.
Bostic’s retirement, at age 59, comes six years early. It creates a new vacancy on the Federal Open Market Committee (FOMC) and follows the August resignation of Governor Adriana Kugler.
The backdrop to these changes is the Trump administration’s pressure campaign for interest rate cuts. Trump appointed his adviser, Stephen Miran, as Kugler’s interim replacement.
However, the White House will not be involved in replacing Bostic. The Atlanta Fed will conduct its own nationwide search, a process that is a key feature of the Fed’s decentralized structure.
Bostic, the first African American and openly gay regional Fed president, was praised by Powell for his “purpose-driven” service. Bostic stated he was “proud” of his work toward “an economy that works for everyone.”