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If the Federal Reserve makes history in December by approving its first rate hike since 2006, Minneapolis Fed President Narayana Kocherlakota will not be present for it.
According to a Reuters report, Kocherlakota has announced that he will not be present when the Federal Open Market Committee (FOMC), the central bank’s policy making arm, will meet on Dec. 15 and 16.
"I’m recusing myself from participating in the December FOMC meeting," said Kocherlakota in an e-mailed statement, offering no further explanation regarding his action.
Kocherlakota, who would not have voting privileges at the next FOMC meeting, will be replaced by Jim Lyon, the Minneapolis Fed’s first vice president. Kocherlakota’s term concludes at the end of the year and he has announced that he will return to academia, with former U.S. Treasury official Neel Kashkari replacing him in January.