Boston Federal Reserve President Rosengren and Dallas Federal Reserve President Kaplan both resigned on Monday 27 September 2021

ICYMI:

These two were perceived as towards the hawkish end of the Federal Open Market Committee spectrum, likely to look for taper and an eventual hike sooner rather than later. Speculation is now centred on who will be their replacements and where he or she will fit on the dove-hawk spectrum.

For now though, the Boston Federal Reserve has already announced that Kenneth Montgomery, who is the Boston Fed’s first vice president and chief operating officer, will take over as interim president and CEO while the hunt for Rosengren’s successor takes place. It is standard procedure at regional Fed offices for the first VP to step in should the President leave.

While the Dallas Fed have not yet made a similar announcement it is thus most likely that Meredith Black, First Vice President and Chief Operating Officer of the Dallas Fed will step in once Kaplan leaves on October 8.

Boston Federal Reserve President Rosengren and Dallas Federal Reserve President Kaplan both resigned on Monday 27 September 2021