Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said that he will step down when his current term ends in February 2016.
“Earlier this week, I informed the board of directors of the Federal Reserve Bank of Minneapolis that I do not intend to seek reappointment to a new term as president of the Bank,” Kocherlakota said in a statement.
Kocherlakota is viewed as one of the central bank’s most dovish officials for his preference for keeping monetary policy easier for longer, due to his forecast for sluggish inflation.
A voter on the policy-setting Federal Open Market Committee this year, that concern prompted him to dissent at the October FOMC meeting over the policy statement.
“I became president of the Minneapolis Bank in October 2009 so that I could be of service to my country in an economic emergency,” he said. “I have been honored to play a role in shaping the response to that dire situation.” The Minneapolis Fed will next hold a voting seat on the FOMC in 2017.
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