Cleveland Fed Taps Goldman Partner As New President

58 minutes ago

A partner at Goldman Sachs will serve as the next president of the Cleveland Federal Reserve Bank, replacing President Loretta Mester, whose term expires on June 30.

Beth Hammack, who was most recently the co-head of global financing at Goldman, will oversee the Fourth Federal Reserve District that includes Ohio, western Pennsylvania, eastern Kentucky and the northern panhandle of West Virginia. She is scheduled to take office August 21, with the bank’s First Vice President Mark Meder serving in the interim period after Mester’s departure. 

Hammack, who started at Goldman in 1993 and was made a partner in 2010, brings more than 30 years of experience to the position. Hammack’s announcement ends a six-month search by the Cleveland Fed’s board of directors. 

“Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business lines, and a proven commitment to mission,” said Heidi Gartland, chair of the search committee, and chief government and community relations officer at University Hospitals.

-Terry Lane

Uptick in Mortgage Rates Undercuts Demand

4 hr 18 min ago

Demand for home loans declined to its lowest levels since March, stepping back amid the first increase in mortgage rates in four weeks, data from the Mortgage Bankers Association showed.

Applications for mortgage loans were 5.7% lower to end the week of May 24, likely depressed by an increase in the 30-year, fixed-rate mortgage to 7.05%.

“Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year’s levels,” said MBA Vice President Joel Kan.

Home purchases declined 1% and mortgage loan refinancing dropped 14% when compared with the prior week

Kan noted low inventory continued to drag down the housing market

“There continues to be limited levels of existing homes for sale and many buyers are struggling to find listings in their price range that meet their needs,” Kan said. 

-Terry Lane

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