Atlanta Federal Reserve (Fed) President Raphael Bostic, who has served since 2017, announced that he will retire at the end of his term, which is February 28, 2026.
The announcement comes amid increasing political pressure on the Federal Reserve System and the Donald Trump administration's efforts to expand its influence over US monetary policy.
Bostic, who is the first African-American president of a regional Fed bank, said he was proud of his eight-and-a-half-year achievements in fostering a more inclusive economy.
During his tenure, he was known for his focus on economic equality and community development, although his stance on monetary policy was often seen as 'hawkish'.
He tended to emphasize the need to hold interest rates from being lowered too quickly even as the labor market slowed.
The Fed's interest rate policy vote will be affected when Bostic withdraws from the FOMC, leaving a significant vacancy on the US monetary policy panel.
The search for his successor will be handled by the bank's board of directors, along with a special committee, and the new appointment will be subject to approval by the Fed's Board of Governors.
