St. Louis Federal Reserve Bank President and Chief Executive James Bullard speaks in London, Britain, Tuesday, October 15, 2019.

Luke McGregor | Bloomberg | Getty Images

The St. Louis Fed announced Thursday that Jim Bullard will step down as president on Aug. 14.

The bank said Brad will leave his position effective Aug. 15 to serve on the Purdue University Mitchell E. Daniels, Jr. School of Business (Mitchell E. Daniels, Jr.) marketing committee and other related responsibilities, and has ceased all public speaking. “

“It has been both an honor and a privilege to have been a member of the St. Louis Fed for the past 33 years, including the past 15 as president,” Bullard said in a statement. Working with such dedicated and inspiring colleagues across the Fed system.”

The St. Louis Fed said it would hire a “national executive search firm” to help find Bullard’s successor.

The announcement came about two weeks before the Fed’s next policy meeting.According to data from CME Group fed watch In the tool, traders see a 92.4% chance of a 25 basis point rate hike.

Back in May, Bullard said interest rates needed to rise another half percentage point to keep inflation in check. Since then, the Fed has raised interest rates by 25 basis points.

“The risk to inflation is that it doesn’t reverse and go back to low levels,” Bullard said. “As long as the labor market is as good as it is, we should put this issue behind us and not repeat the mistakes of the 1970s.”

To be sure, Bullard is not a voting member of this year’s policymaking committee.

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