Atlanta Federal Reserve President Raphael Bostic, the first Black and openly gay person to hold the position, announced on Wednesday that he will step down after his term ends on February 28, 2026. His decision came as a surprise amid President Donald Trump's aspirations to increase influence over Fed policy. This was reported by Reuters, writes UNN.
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“In my opinion, labor market conditions do not warrant an aggressive Fed response while inflation remains too high,”
He participated in monetary policy discussions, although he does not have a vote in regular rate-setting votes, and at times spoke frankly about economic justice, especially after the 2020 protests.
Bostic's departure comes amid political pressure from the Trump administration, which is trying to influence the Fed's Board of Governors and the bank's future leadership, including the possible selection of a replacement for Chairman Jerome Powell. According to analysts, this is the second departure of a regional Fed director this year, which could complicate decisions on interest rate cuts and monetary policy easing.
During his eight and a half years in office, Bostic was repeatedly criticized by conservatives for his focus on social justice and disputes over politicians' trading activities, but at the same time remained a supporter of cautious monetary policy to curb inflation.