Jan 4, 2024 - Business

Economist Alberto Musalem named new head of St. Louis Fed

Alberto Musalem. Photo: Federal Reserve Bank of St. Louis

The St. Louis Federal Reserve said on Thursday that Alberto Musalem, an economist with experience in international policy and financial markets, would be its next president.

Why it matters: Musalem was a senior adviser at the New York Fed and previously an economist at the International Monetary Fund, replaces Jim Bullard, the long-time leader of the regional Fed who resigned last year.

The intrigue: Musalem's background — which include more than a decade at famed asset management firm Tudor Investment Corp.— is set to bring perspectives on financial markets, international policy and economics to St. Louis, and the Fed's interest-rate setting committee.

  • He will take over the post in April. His predecessor, Bullard, resigned to become the dean of Purdue University's business school.
  • Musalem gets an official vote on the rate-setting committee starting next year.

Catch up quick: Musalem most recently served as the chief executive of Evince Asset Management, an investment management fund he co-founded in 2018.

  • Before that, Musalem was an executive vice president at the New York Fed and led groups focused on emerging markets and international affairs.
  • Earlier in his career, Musalem was an economist at the IMF.

Of note: Musalem will become the second Hispanic policymaker at the Fed, alongside Fed governor Adriana Kugler who was confirmed last year.

  • Musalem is the second former executive from the New York Fed to take the leadership of a regional bank in recent years, following Lorie Logan's appointment to lead the Dallas Fed in 2022.
  • The St. Louis Fed covers a region that includes Arkansas and portions of Indiana, Illinois, Mississippi, Kentucky, Missouri and Tennessee.
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