Carolyn Chism Hardy is president and CEO of Chism Hardy Investments LLC.
For the national economy and the Federal Reserve Bank of St. Louis, 2023 was a year of change—and 2024 is shaping up to be the same. As I assumed the role of chair of the St. Louis Fed’s board in January, I reflected on how capable and resilient the Federal Reserve and the Eighth Federal Reserve District are in handling change.
Situated in the nation’s heartland, our District covers all of Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee. Over the decades, our large cities and small communities have adjusted to changes. On occasion, they have had to redefine their economies whether due to shifts in population or the losses and gains of key industries and businesses. Just like our mighty rivers, resiliency in the face of change flows through our District.
In 2023, the Bank experienced a major change when Jim Bullard, president and CEO of the St. Louis Fed for 15 years, retired to take on a new role as dean of the business school at Purdue University. On behalf of our board and the nearly 1,500 employees of the St. Louis Fed, I want to thank Jim for his service as president and for his 33 years in total with the Bank. Throughout his tenure, Jim guided the Bank as a visionary leader and a national voice on the Federal Open Market Committee (FOMC).
I’d also like to thank our First Vice President and Chief Operating Officer Kathy O’Neill, who, by law, immediately stepped in to serve as interim president and CEO. Under her leadership, the St. Louis Fed continued to thrive and serve its many constituents.
After a nationwide search last fall that was robust, transparent, fair and inclusive, Alberto Musalem was unanimously selected to become the next president and CEO of the St. Louis Fed, effective April 2, 2024. I had the privilege of serving on the search committee, along with the other five Class B and Class C directors of the St. Louis Fed. The entire board of directors looks forward to working with Alberto as he brings a fresh perspective and new ideas to the Bank and our District. His experience as an economist, his prior work at the Federal Reserve Bank of New York, as well as his being a proven collaborator and communicator, all well position him to be the next great leader at the Bank, working tirelessly to promote financial stability and a healthy economy for all.
Finally, as the St. Louis Fed has adapted to change, so too has the FOMC as it worked throughout 2023 to bring down high inflation. This annual report offers perspectives from St. Louis Fed economists on the recent U.S. experience with high inflation, factors that affect inflation and inflation’s broader impact. As Fed Chair Jerome Powell said at his December 2023 press conference, “Restoring price stability is essential to achieve a sustained period of strong labor market conditions that benefit all.”
The Fed’s leadership will continue to be a source of stability as we navigate change throughout 2024.
Carolyn Chism Hardy
Chair of the Board of Directors
Federal Reserve Bank of St. Louis
