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

ballot voting vote

Appeals court changes rules for MN absentee ballots received after Election Day

Pending a further challenge, votes received after 8 p.m. on Election Day may not be counted.

Donald Trump

Confusion over where Trump campaign rally will be held Friday

It sounds like it'll be held at the airport in Rochester.

Screen Shot 2020-10-29 at 3.19.05 PM

This video of the Lowry Hill Tunnel walls being cleaned is oddly satisfying

The tunnel will be closed overnight Thursday for cleaning.

gray wolf

Gray wolf removed from the endangered species list

A decision on whether they can be hunted in Minnesota will come later.

covid saliva test

Minnesota opening its 7th saliva testing location in St. Paul

The tests are free and open to anyone regardless of if they have symptoms.

pete stauber - qunn nystrom CD8

Election 2020 preview: Minnesota's 8th Congressional District

It's a race between incumbent Rep. Pete Stauber and Democratic challenger Quinn Nystrom.

coronavirus, covid-19, icu

Minnesota's COVID-19 hospitalizations increase by 27.5% in 24 hours

Bring Me The News confirmed that the dramatic increase is not a numbers error.

fire, flames

Lives saved as passerby, city workers rescue from 3 from Golden Valley fire

The Golden Valley Fire Department responded to the fire Wednesday morning.

Caribou Coffee Holiday 2020

Caribou Coffee rolls out holiday cups, menu early

The holiday season is underway at some Twin Cities stores, with a nationwide rollout planned for Nov. 5.

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.