Skip to main content

2 execs out in shakeup at Minneapolis Federal Reserve Bank

  • Author:
  • Updated:
    Original:

Big changes at the Federal Reserve Bank of Minneapolis Wednesday included the exit of two high-profile research executives and the replacement of the bank's research director, the Star Tribune reports.

Gone are Patrick Kehoe and Ellen McGrattan, who were both considered highly-regarded economists with long tenures at the bank, the paper says.

In addition, the bank’s research director, senior vice president Kei-Mu Yi, was given the new title of special policy adviser to the president.

Some experts question Minneapolis Federal Reserve President Narayana Kocherlakota's commitment to retaining top economists at the bank.

The Star Tribune noted there were subtle policy differences between Kocherlakota and the exiting executives.

The bank's spokesman had no comment on why the changes were made.

The Federal Reserve Bank of Minneapolis is one of 12 regional federal branches.

Meanwhile, Reuters says Federal Reserve Chairman Ben Bernanke is getting positive reviews as he prepares to exit from his post at the end of the year.

Bernanke, who helped steer the U.S. economy through one of its worst recessions in decades, scored an 8 out of 10 in a survey of 53 economists who graded his performance, Reuters says.

Next Up

police lights

Man arrested after abduction attempt in Bemidji

The incident occurred in Cameron Park on June 25.

betty danger's

Betty Danger's in NE Minneapolis for sale for $4.2 million

The asking price includes the restaurant's ferris wheel, as well as a nearby single-family home.

monkeypox

Minnesota health officials warn monkeypox cases could grow rapidly

The state has so far confirmed only six cases of monkeypox virus.

291734046_502006195017388_4346404407323115820_n

Bodies of woman, three young children recovered from Vadnais Lake

Authorities say the bodies recovered were those of two boys, one girl and their mother.

Pixabay laptop keyboard phone dark

Charges: Duluth man had hundreds of child porn images, videos

The National Center for Missing and Exploited Children found nearly 330 images on the man's electronic devices.

hennepin county sheriff water patrol lake minnetonka

Scuba diver found dead in Lake Minnetonka identified as 20-year-old

The Hennepin County Medical Examiner's Office said 20-year-old Brady Alan Aune, from Elko New Market, died of freshwater drowning on June 3.

Screen Shot 2022-06-30 at 11.18.35 AM

Felony charges filed after authorities search 'Peacebunny Cottage'

The president of the rabbit rescue non-profit faces multiple animal cruelty charges after over 40 rabbits were found dead inside the organization's barn.

monkeypox virus

Minnesota up to 6 confirmed cases of monkeypox virus

Most people recover at home within 2-4 weeks.

thc edibles

Did Minnesota just accidentally legalize THC?

A Republican lawmaker who voted to approve the new law in May is already talking about rolling it back.

Screen Shot 2022-06-30 at 3.19.42 PM

Gasoline may be cause of sewer explosion on U of M campus

An all-clear was given around 9 p.m. Thursday, with residents in the area allowed to return to their homes.

image

Overwhelming demand for THC products on first day of new law in MN

One shop owner said his Chaska store broke the online sales record before they opened Friday morning.

Related

Federal Reserve says Minnesota banks slowly getting stronger

The Federal Reserve Bank of Minneapolis says the health of Minnesota's banks is gradually improving as the industry recovers from the recession. A Fed official says profits are still not great but they're moving in the right direction. A new report on the year's second quarter also shows the number of bad loans is shrinking.

Bloomington mortgage firm exec charged with bank fraud

Federal prosecutors Joseph Traxler, formerly the chief financial officer and senior vice president of Centennial Mortgage and Funding, defrauded American Bank of St. Paul of about $8 million.