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Photo: Liu Jie/Xinhua via Getty Images

Two top Federal Reserve officials are stepping down after facing backlash for their investment activities.

Why it matters: Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan have been embroiled in controversy since it was disclosed that the two owned assets sensitive to the monetary policy they were helping shape in 2020.

  • Both noted that their actions didn't violate the Fed's codes of conduct, but said they would sell the stocks by the end of the month to avoid the appearance of a conflict of interest.

What they're saying: "The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy," Kaplan said in a statement.

  • "Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work," he added. "For that reason, I have decided to retire," effective Oct. 8, 2021.

Rosengren announced that he would move his planned retirement from June 2022 to Sept. 30 this year. He cited health concerns, including the need for a kidney transplant, as the reason for his departure.

  • He did not mention the controversy over his trading.

The big picture: Federal Reserve Chair Jerome Powell has ordered a review of ethics rules concerning senior central bank officials' personal financial activities, CNBC reports.

Go deeper

Changing the inflation conversation

Illustration: Annelise Capossela/Axios

Inflation looks like it’ll run hot for longer than plenty of smart people thought it would. The conversation over just how much more Americans will have to pay for their stuff has taken on a new intensity, as supply problems show few signs of fading.

Why it matters: The rate of price growth has remained consistently strong in recent months — a time that some thought would bring cooling prices after an initial reopening spike. What goes on with prices will influence the decisions made by Congress, the Biden Administration, and the Federal Reserve.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.

In photos: Drought-ravaged California lashed by major storm

Workers try to divert water into drains as rain pours down on Oct. 24 in Marin City, California. Photo: Justin Sullivan/Getty Images

A major storm system was pummeling Northern California and parts of the Pacific Northwest with heavy rains overnight.

The big picture: "Atmospheric river" storms, associated with a record-strong "bomb cyclone" offshore from the Pacific Northwest, have brought flooding and mudslides to parts of California that were razed by recent wildfires and in severe drought. It's also caused widespread power outages in California and Washington state.

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