Atlanta Federal Reserve president Raphael Bostic will retire at the end of February, ending his term. Bostic has been in charge since 2017, making history as the first African American and openly gay president of a regional Federal Reserve Bank.

Fed Chair Jerome Powell praised Bostic’s leadership, noting his valuable perspective on the economy. Bostic, not currently a voting member, supported cutting interest rates last month despite his preference for just one cut due to inflation concerns and job market weakness.

Bostic’s hawkish stance on inflation has been consistent, warning that prices have remained high. He believes the Fed must work to bring inflation back down to the 2% target to prevent further economic instability.

The Atlanta Fed’s board will form a search committee to find Bostic’s successor. The committee will consist of non-banking members to conduct a nationwide search for the next president of the regional bank.

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