Raphael Bostic, president of the Federal Reserve Bank of Atlanta, has announced his intention to retire at the end of his current term in February. The Atlanta Fed serves the Sixth Federal Reserve District, which includes Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. It participates in setting national monetary policy, supervises banks and provides payment services to commercial banks and the U.S. government.
Bostic, aged 59, made history when he assumed leadership of the Atlanta Fed in 2017. He was the first African American and the first openly gay individual to hold such a position in the Federal Reserve System. His departure is scheduled for February 28, according to an official statement from the Atlanta Fed.
In the statement, Bostic expressed pride in his accomplishments during his tenure. He noted his focus on making the goal of an inclusive economy more of a reality. Throughout this year, Bostic has been outspoken regarding the dangers of persistent inflation. He has encouraged his colleagues to exercise caution when considering interest rate reductions and to monitor potential tariff impacts.
Although Bostic is not a voting member on monetary policy decisions this year, he voiced his support for the Federal Reserve’s rate cuts implemented in September and October. Nevertheless, he has consistently stressed the importance of maintaining a restrictive monetary policy stance until inflation is brought down to the central bank’s target of 2 per cent.
