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Kocherlakota to step down from Minneapolis Fed in 2016 Dec 12

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Narayana Kocherlakota, one of the US central bank's most dovish policymakers, will step down as president of the Minneapolis Federal Reserve when his term ends in 2016, saying on Friday the "state of crisis" that faced the economy has passed.

[WASHINGTON] Narayana Kocherlakota, one of the US central bank's most dovish policymakers, will step down as president of the Minneapolis Federal Reserve when his term ends in 2016, saying on Friday the "state of crisis" that faced the economy has passed. "I do not intend to seek reappointment to a new term," said Kocherlakota, whose term expires on Feb 29, 2016. He took the job in 2009 to help deal with the "economic emergency," he said, but "the state of crisis has passed, and I have decided not to continue my service into a new term." Kocherlakota has emerged as perhaps the Fed's most ardent defender of accommodative policy meant to get more Americans back to work, even while the economic recovery gained momentum over the last year. He dissented against the Fed's October policy decision. Under a rotating system, his vote at the policy meeting next week will be his last.

REUTERS

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