Regional Fed banks step up process to replace Plosser and Fisher
Two regional Federal Reserve banks have signalled their intentions to replace their hawkish presidents, Charles Plosser and Richard Fisher.
On Thursday, the Philadelphia Fed announced it had hired executive search firm Korn Perry in a bid to find a successor to Plosser who is set to step aside on 1 March after over eight years at the helm.
A committee of Philadelphia Fed directors working with Korn Ferry will consider "a diverse group of candidates from inside and outside" the Fed, the Pennsylvania-based bank said in a statement.
Fisher, meanwhile, will retire by April after almost a decade as president of the Dallas Fed, after revealing in September that he had put together an advisory committee to search for his successor consisting of three former chairmen of the Dallas Fed.
With Fisher and Plosser out of the picture, the Fed’s policy-setting committee could be set for a change of attitude as both have been vocal supporters of ratcheting down the central bank's economic stimulus.
On Wednesday, Plosser and Fisher backed the Fed’s statement in which the central bank vowed to keep interest rates low for the foreseeable future.