San Francisco Fed President John Williams is the leading candidate to become the next president of the Federal Reserve Bank of New York, one of the most influential positions within the U.S. central bank, according to people familiar with the matter.
Mr. Williams has been recommended by the New York Fed’s board for the position. If approved by the Washington-based Fed board of governors, Mr. Williams would succeed William Dudley, who plans to step down this summer.
The president of the New York Fed, one of 12 regional reserve banks, has a permanent vote on the central bank’s rate-setting Federal Open Market Committee and serves as its vice chair. The bank is a chief regulator of the some of the nation’s largest banks and serves as the Fed’s window onto Wall Street.
Mr. Williams succeeded Janet Yellen as the San Francisco Fed leader in 2011, after Ms. Yellen was tapped by President Barack Obama to serve as the Fed’s vice chairwoman. Mr. Williams previously served as the San Francisco Fed’s research director, reporting to Ms. Yellen.
Mr. Williams, 55 years old, joined the San Francisco Fed in 2002 and previously served as a senior economist for the Fed board in Washington. He joined the central bank in 1994 and has a Ph.D. in economics from Stanford University.
"While his resume includes many of the qualifications for the job, Williams’ possible shift to New York might draw criticism about the lack of gender and racial diversity in the upper ranks of the Fed."
The primary qualification is to believe in magic. I have a fitting musical tribute.
Racial, ethnic, and gender "diversity" is meaningless when everyone thinks alike. What good could it possibly do to put a woman in the position who will look, think, and act like the rest of the clowns who believe inflation should be the goal.
We would be better served by someone who thinks radically different: Rand Paul, James Grant, Peter Schiff, and ZeroHedge all come to mind.
The only way to get into the triumvirate is to believe in inflation while having a perpetual inability to spot or even understand the cause of bubbles.
Rear View Mirror Thinking
Destructive asset-deflation is right around the corner courtesy of the Fed.
Hail to the Chiefs
All hail the new clueless triumvirate.
Mike "Mish" Shedlock