New York Fed President and FOMC Vice-Chairman Timothy Geithner will leave the FOMC to prepare for his new role as Treasury Secretary, according to the Wall Street Journal's 'Heard on the Street'.
According to the Journal, Geithner's duties at the FOMC should be assumed by his New York Fed vice-president Christine Cumming, who will attend the FOMC meetings on Dec. 15 and 16.
A survey of economists suggests the Fed will cut its benchmark rate by 25 bps to 0.75% while the Fed fund futures market suggests a 27.7% chance of a 75bp cut to 0.25% at the meeting.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008