Atlanta Federal Reserve President Raphael Bostic announced on Wednesday that he will retire at the end of his current term on 28 February, 2026, an unexpected move that comes as President Donald Trump pushes to assert more influence over the United States central bank.
Bostic, the first Black and openly gay individual to lead one of the Fed’s 12 regional banks, has been a prominent voice on issues of economic equity and social inclusion.
His departure adds to the shifting landscape within the Federal Reserve as Trump seeks to remake the institution’s leadership, including through the attempted dismissal of Governor Lisa Cook and the upcoming decision over a successor to Chair Jerome Powell when his term ends next spring.
While Trump does not directly appoint regional Fed bank presidents, such appointments must be approved by the central bank’s Board of Governors - a body he is attempting to reshape.
The President has been sharply critical of the Powell-led Fed, accusing it of being too slow to lower interest rates and stimulate the economy.
Bostic’s planned exit marks the second departure this year of a hawkish policymaker, narrowing the group of voices urging restraint on further rate cuts.
The Fed has reduced interest rates twice since September, but inflation remains above target, fuelling debate over whether to continue easing or pause.
Bostic reiterated his cautious stance on Wednesday, saying he believes “labour market conditions do not warrant an aggressive Fed response while inflation remains too high”.
By contrast, all three Fed governors appointed by Trump have publicly supported deeper rate cuts. Stephen Miran, who joined the seven-member board in August after the surprise resignation of Adriana Kugler, has called for especially steep reductions to boost economic activity.
Asked about Bostic’s retirement, White House spokesperson Kushi Desai was quoted in a Reuters story as saying that with inflation well below its 2022 peak, “President Trump has rightfully called for the Federal Reserve to cut rates and deliver interest cost relief for American home buyers and businesses”.
At 59, Bostic is still more than five years away from the Fed’s mandatory retirement age. A Harvard-trained economist, he previously worked at the Department of Housing and Urban Development before joining the Atlanta Fed in 2017.
His tenure was not without controversy. Last year, the Fed’s Inspector General concluded that Bostic’s handling of personal investments had created “the appearance of trading on confidential information and the appearance of a conflict of interest”.
The report followed broader scrutiny of trading practices by senior central bank officials.
Despite such challenges, Bostic was widely respected for his public service and outreach. He became a key advocate for community development, frequently visiting rural areas of the southeastern U.S. to deepen the Fed’s understanding of local economic realities.
“It’s been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years,” Bostic said in a statement. “I feel incredibly fortunate.”
“I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter,” he added.
A search committee will now be formed to identify his successor.
“As the leader of the Atlanta Fed, he successfully represented the varied perspectives of the Sixth Federal Reserve District, representing the economic experiences of all Americans in the formation of monetary policy,” said Gregory Haile, chair of the Atlanta Fed’s board of directors.
Powell, in a statement included with the Atlanta Fed’s release, said, “His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy. And his steady voice has exemplified the best of public service—grounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”
