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

Screen Shot 2021-03-08 at 2.44.41 PM

Charges: Minnesota man killed his father with hammer, knife

The 44-year-old admitted to killing his father, court documents say.

P.J. Fleck, Gophers football

Staying home: Gopher football lands 6'7'' football recruit

The offensive lineman is a star player in southwest Minnesota.

Ambulance hospital emergency

Teen worker dies after being shocked at Vikings apartment site

Aaron Welle, 18, of Holdingford, died from his injuries.

teacher, coronavirus, covid-19, school, classroom

90% of MN schools now offer in-person learning, 55% of teachers vaccinated

Gov. Tim Walz had set March 8 as the date for when schools would be expected to offer in-person learning.

Screen Shot 2021-03-08 at 8.12.13 AM

Catholic school employee allegedly had 'inappropriate physical contact' with student

The employee is currently on leave pending an MPD investigation.

covid-19, vaccine

CDC: Fully vaccinated people can be together indoors without masks

The CDC on Monday released new guidance for fully vaccinated people.

covid saliva test

MDH to open new COVID testing site in Carver Co. amid B117 variant outbreak

It comes amid an outbreak among younger people in the southwest metro county.

radio station, microphone

KFAN's Paul Allen recounts 'harrowing' fatigue from COVID-19

Paul Allen said he experienced extreme fatigue after testing positive.

Screen Shot 2021-03-08 at 9.41.43 AM

Derailed train in Plymouth was carrying molten sulfur

No unusual air quality readings have been reported in the area.

Judge Peter Cahill - March 8

Chauvin trial: Jury pool sent home as court awaits appeals court guidance

Judge Cahill rejected the prosecution's motion to delay the start of jury selection, but it was delayed Monday anyway.

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.