Cleveland Fed names Mester to succeed Pianalto as president

Thu Feb 13, 2014 2:22pm EST

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Feb 13 (Reuters) - The Federal Reserve Bank of Cleveland on Thursday named Loretta Mester, a top official at the Philadelphia branch of the U.S. central bank, as its new president. She will replace Sandra Pianalto effective June 1.

Mester is now the director of research at the Philadelphia Fed, which is known for its hawkish views on monetary policy. Mester will have a vote on policy this year under the Fed's rotating system.

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