St Louis Fed President Jim Bullard steps down, headed to Purdue University

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Former U.S. International Trade Commission chief Peter Morici joined «Varney & Co.» to discuss the Federal Reserve’s target inflation rate.

The Federal Reserve Bank of St. Louis announced Thursday that its longtime president and CEO, James Bullard, has stepped down in his official capacity and will soon head to Purdue University.

The bank said in a press release that Bullard will stay on as an adviser until Aug. 14, when he leaves to become the inaugural dean of Purdue's Mitchell E. Daniels Jr. School of Business.

James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, is shown during a conference in Oslo, Norway, on June 16, 2023. Bullard stepped down as president of the bank Thursday and will stay on as an adviser until mid-August. (Fredrik Solstad / Bloomberg via Getty Images / Getty Images)

«It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years,» Bullard said in a statement, adding, «The Bank is well-positioned for ongoing success and impact.»

Purdue noted in its separate announcement that Bullard is the longest-serving sitting Federal Reserve Bank president, and he was named the seventh-most influential economist in the world in 2014.

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The chair of the St. Louis Fed's board of directors, Jim McKelvey Jr., heaped praise on Bullard in the departure announcement.

James Bullard has stepped down as president of the Federal Reserve Bank of St. Louis. (Joshua Roberts / Bloomberg via Getty Images / File / Getty Images)

«Jim Bullard has brought his scholarly expertise and often prescient views to the policy table as the Fed navigated several