A Voice For Stimulus, Minneapolis Fed's Kocherlakota To Step Down Early In 2016

(RTTNews) - Narayana Kocherlakota, the president of the Minneapolis Fed, will step down once his current term ends in February 2016, the regional bank announced Friday.

Kocherlakota has been one of the most vocal advocates of the Fed's ultra-easy monetary policy since assuming the presidency of the Minneapolis Fed following the retirement of Gary H. Stern.

He has said repeatedly that an interest rate hike in 2015 would be a mistake given the subdued outlook for inflation.

"I have been honored to play a role in shaping the response to that dire situation," he said in a statement. "While challenges lie ahead for the Federal Reserve System, the state of crisis has passed, and I have decided not to continue my service into a new term."