| Broaddus bowing
out
Virginia Business
January 2004
One
of the Federal Reserve’s staunchest inflation
hawks is stepping down. Richmond
native J.
Alfred Broaddus Jr. says he’ll retire
in August after serving more than a decade as president
of the Federal Reserve Bank in Richmond.
Broaddus,
who turns 65 in July, began his career at the Richmond
Fed in 1970, when he was hired as a research economist.
He became senior vice president and director of research
in 1985 and was named president of the Richmond Fed
in 1993.
Broaddus helped shape the monetary policy that helped
stem the high inflation of the late 1970s and early
1980s. With today’s inflation rate low —
about 1.5 percent — and the economy growing, Broaddus
has only a mild concern: At a recent speech at Longwood
College Broaddus said that rising productivity could
outpace demand and drive inflation even lower.
Still, Broaddus declared himself “confident that
the Fed can sustain the environment of price stability
we fought so long and hard to achieve.”
The
Richmond Fed’s board of directors is looking for
a successor.
Virginia
Business - January 2004
|
