By Ovunc Kutlu
ISTANBUL (AA) — St. Louis Fed President James Bullard is stepping down from his role next month, the Federal Reserve Bank of St. Louis announced Thursday.
After leaving the bank on Aug. 14, Bullard, 62, will become the inaugural dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University effective Aug. 15, the bank said in a statement.
Bullard has recused himself from his monetary policy role on the Federal Open Market Committee (FOMC) and other related duties and has ceased all public speaking, it added.
"It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years," Bullard said in the statement.
"The Bank is well-positioned for ongoing success and impact. I am also grateful to have worked alongside such dedicated and inspiring colleagues across the Federal Reserve System and for the opportunity to have worked for the many outstanding directors who have served on the St. Louis Fed board," he added.
The St. Louis Fed's first vice president and chief operating officer, Kathleen O'Neill Paese, assumed the duties of interim president and CEO effective immediately.
Although Bullard did not have voting rights at the FOMC this year, he has been known for his bullish stance, calling for steeper interest rate increases to fight inflation since early 2022.