NY Federal Reserve appoints Market Economist reported WSJ Renew

WSJ Renew informed that as manager of the central bank’s $8.47 trillion asset portfolio, Mr. Perli will play a key role in advising senior officials on policy decisions that his division is in charge of implementing. The position was previously held by Lorie Logan, who last year was named president of the Federal Reserve Bank of Dallas.

In his new role, Mr. Perli will brief Fed presidents and governors at the beginning of each meeting of the rate-setting Federal Open Market Committee on the state of the markets and how central bank policies are transmitted through the financial system and into the economy.

The New York Fed and its influential markets group serve as the central bank’s eyes and ears on Wall Street. Ms. Logan played a lead role designing strategies for the Fed’s rapid and aggressive intervention into financial markets when the Covid pandemic triggered a dash for cash in March 2020.

WSJ Renew

Her division was also responsible for coming up with plans the central bank set in motion last spring to shrink the Fed’s portfolio by allowing securities to mature passively. Mr. Perli is set to shape deliberations on how long to continue that runoff program as bank deposits held at the Fed, called reserves, steadily decline.

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Separately, the Fed’s board in Washington announced Thursday that Joshua Gallin, a senior adviser to Fed Chair Jerome Powell, would become the secretary of the FOMC, another senior staff position.