Chicago Fed's Moskow announces plans to step down

Federal Reserve Bank of Chicago president Michael Moskow confirmed on Monday 22 January he will retire on 31 August.

The Chicago Fed will begin a nationwide search for a successor, the bank said in a statement. Moskow took office in 1994 and never dissented from the majority in a vote on interest rates.

"(Moskow) has been vigilant against inflation and always talks about that," Bloomberg quoted William Curt Hunter, a former Chicago Fed research director, as saying. "He is mildly hawkish, but a