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Atlanta Federal Reserve President Raphael Bostic said Wednesday he will be leaving his position when his term expires in February 2026.
The announcement comes ahead of a pivotal year for the Fed and its rate-setting body, the Federal Open Market Committee.
Bostic’s term has not been without controversy. In October 2022, the Fed announced it was looking to trades Bostic made during blackout periods near policy meetings. He ultimately apologized for discrepancies.
Atlanta Federal Reserve President Raphael Bostic said Wednesday he will be leaving his position when his term expires in February.
Bostic has been in his current role since June 2017 and is the first Black and openly gay regional president. His term, which also was marked by issues relating to personal investments he made, runs until Feb. 28.
“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,” Bostic said in a statement.
The announcement comes ahead of a pivotal year for the Fed and its rate-setting body, the Federal Open Market Committee.
Regional presidents serve five-year terms that generally run in sync and are designed to expire on years that end in either 1 or 6, which will be the case next year. While the local boards vote on the presidents, they are subject to approval by the Fed’s Board of Governors. Normally a routine process, unusual political dynamics on the board could add a new wrinkle to the procedure.
In addition to the reappointments of the regional presidents, Jerome Powell’s term as Fed chair expires in May, though his run as governor goes until 2028.
Bostic has been seen as more of a centrist during his run, though he’s been more cautious about cutting interest rates this year during a time of elevated inflation and a softening labor market. He is not an FOMC voter this year. Atlanta next will get a vote in 2027.
Powell said Bostic’s “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.”
Until the board names a successor, Cheryl Venable, the first vice president and chief operating officer at the Atlanta Fed, will handle the role of president.
Bostic’s term has not been without controversy.
In October 2022, the Fed announced it was looking at trades Bostic made during blackout periods near policy meetings. An internal report showed there were 154 trades made on his behalf during those times. However, the report also indicated there was no evidence Bostic traded on insider information or had personal conflicts.
There also were other issues raised regarding financial disclosure terms and an improper level of Treasury holdings.
For his part, Bostic expressed regret over the discrepancies and said the trades were executed by third-party managers over whom he did not have control.
The controversy was part of a larger issue with investments from Fed officials that triggered tighter internal controls and rules over what types of securities they are permitted to hold. More
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Economic data releases that have lagged during the government shutdown likely will take some time to get rolling again once Congress is back in business.
Assuming the government reopens before the end of the week, Goldman figures the Bureau of Labor Statistics will put out an updated schedule of releases in the early part of next week.
When the data freeze ends, the reports are likely to show more of the same — a slowing labor market, inflation still holding above the Fed’s target and growth positive but also not gangbusters.
The U.S. Capitol building after the U.S. Senate advances a bill to end the government shutdown in Washington, D.C., U.S., November 10, 2025.
Evelyn Hockstein | Reuters
Economic data releases that have lagged during the government shutdown likely will take some time to get rolling again once Congress is back in business.
The reopening could happen as soon as the end of this week once final votes take place and President Donald Trump signs a stop-gap spending bill into law.
From there, though, it will take the various agencies, primarily in the departments of Labor and Commerce, to get up and rolling again as it regards data collection and releases. That means likely having to play catch-up for key reports like nonfarm payrolls, the consumer price index, retail sales, spending and income, and a variety of other metrics.
“The shutdown of the federal government has delayed nearly all federal economic data releases for September and October,” Goldman Sachs economists Elsie Peng and Ronnie Walker said in a client note. “While the shutdown appears to be nearing its end, it will take time for the statistical agencies to work through the backlog of releases.”
Assuming the government reopens before the end of the week, Goldman figures the Labor Department’s Bureau of Labor Statistics will put out an updated schedule of releases in the early part of next week.
The BLS is in charge of the payrolls report as well as the CPI and the producer price index, both of which were scheduled for release this week. Other reports from the bureau include import and export prices, the employment cost index, and the Job Openings and Labor Turnover Survey.
Goldman’s economists expect the October jobs report to be released soon after the reopening, possibly next Tuesday or Wednesday. “But apart from that, we expect other major data releases to be delayed,” they said.
That means the November payrolls and inflation reports could be delayed by “at least a week,” Goldman said.
For Commerce, among the more relevant reports are personal spending and income, which also includes the Federal Reserve’s key inflation measure, the personal consumption expenditures price index. Outside of that, there’s retail sales, durable goods and the quarterly gross domestic product reading.
When the data freeze ends, the reports are likely to show more of the same as far as the economy goes — a slowing labor market, inflation still holding above the Fed’s comfort level and broader growth positive but also not gangbusters.
Fed officials have noted the inconvenience of not having regular data reports. But Chair Jerome Powell said recently that alternative data shows the central bank really hasn’t missed much in terms of the macro picture.
“Although some important federal government data have been delayed due to the shutdown, the public- and private-sector data that have remained available suggest that the outlook for employment and inflation has not changed much since our meeting in September,” Powell said at an Oct. 29 news conference. “Conditions in the labor market appear to be gradually cooling, and inflation remains somewhat elevated.”
Economists surveyed by Dow Jones had been expecting the October nonfarm payrolls report to show a loss of 60,000 jobs. While Goldman puts the decline at 50,000, the general tenor of data for the month points to a slowdown.
Powell said Fed estimates put the key inflation rate at 2.8% for September, which is still considerably above the central bank’s 2% target but expected to decelerate gradually through 2026. The official PCE report is scheduled to drop Nov. 26, and it is unknown whether that will be the case.
As for the broader economy, the Atlanta Fed’s GDPNow tracker of incoming data puts third-quarter growth at a 4% rate. Goldman projects fourth-quarter growth of 1.3%, an upward revision of 0.3 percentage point from the prior forecast, putting the full year on pace for a 2% annualized gain. More
