Copper Hits Fresh All-Time High After Fed Delivers Rate Cut

Following a comprehensive review by the boards of directors of the regional Reserve Banks, and the unanimous concurrence of Federal Reserve Board members, the Federal Reserve on Thursday announced the reappointment of Federal Reserve Bank presidents and first vice presidents. By law, all Reserve Bank presidents and first vice presidents serve five-year terms, with each of the current terms expiring on February 28, 2026. In December 2024, the board of directors of each Reserve Bank, representing a wide range of business and community leaders across each district, started a process to assess their president and first vice president across several performance dimensions. Those factors included: • The president's active engagement with the local business, financial, and non-profit communities within the district; • Their effectiveness as the chief executive officer of the Reserve Bank, including developing and implementing the Bank's strategy and leading its staff; and • Their leadership contributions to the Federal Reserve System as a whole, notably in supporting coordinated System functions and activities. First vice presidents were largely evaluated in their role as the chief operating officer of each Reserve Bank, with a focus on their management of both local Reserve Bank operations and Federal Reserve System initiatives. In preparing its overall assessment of each president NEW: The Fed's board of governors voted unanimously on Wednesday to reappoint 11 reserve bank presidents to new five year terms beginning next March 1. (Atlanta Fed President Raphael Bostic had previously announced he would retire at the end of his term in February)