Sandra Pianalto

James Politi

Sandra Pianalto, who has served as president of the Federal Reserve Bank of Cleveland, announced she will be retiring early next year after being in the job for a decade.

Ms Pianalto’s departure may not mean too much for monetary policy. She is known for being a centrist, predictable official on the Federal Open Market Committee, backing the chairman’s view without offering positions that are either too dovish or too hawkish.

Ben Bernanke, Fed chairman, issued an effusive statement on Thursday: “Sandy has been a remarkable colleague who has made invaluable contributions to the Federal Reserve Bank of Cleveland, the Federal Reserve System, and the country. We will miss her thoughtful insights and leadership across a broad range of issues, including monetary policy, payments policy, and community development.” Read more