- The bank said he was leaving effective August 15 to accept a position at Purdue University.
- It also added that Bullard “has retired from his monetary policy role on the Federal Reserve’s Federal Open Market Committee and other related duties and has ceased all public speaking.”
James Bullard, President and CEO of the Federal Reserve Bank of St. Louis, delivers a speech in London, Britain on Tuesday, October 15, 2019.
Luke MacGregor | Bloomberg | Getty Images
The St. Louis Federal Reserve announced Thursday that Jim Bullard will resign as President effective August 14.
The bank announced that effective August 15, he will assume the position of dean at Purdue University’s Mitchell E. Daniels, Jr. School of Business. She also added that Bullard “has retired from his monetary policy role at the Federal Reserve’s Federal Open.” market committee and other related duties assumed and all public speaking ceased.”
“It has been both a privilege and an honor to have been a part of the St. Louis Fed for the past 33 years, including as its President for the past 15 years,” Bullard said in a statement. “I am also grateful to have worked with such dedicated and inspiring colleagues throughout the Federal Reserve System.”
The St. Louis Fed said it will hire a “national recruitment firm” to help find Bullard’s successor.
The announcement comes about two weeks before the next Fed policy meeting. According to CME Group’s FedWatch tool, traders are pricing in a 92.4 percent chance of a 25 basis point rate hike.
Back in May, Bullard said interest rates would need to be hiked another half a percentage point to curb inflation. Since then, the Fed has hiked rates by 25 basis points.
“The risk with inflation is that it doesn’t reverse and go back down to low levels,” Bullard said. “As long as the job market is this good, it’s a good time to put this problem behind us and not repeat the 1970s.”
Of course, Bullard isn’t a voting member on the policy committee this year.