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News Link • New York

The NY Fed Is Hiring: The Next Head Of The Plunge Protection Team

•, Tyler Durden

Perhaps not coincidentally, the very next day the US stock market suffered its biggest drop in 2019, with many wondering why the Fed wasn't there to save them.

It now appears that rumors of bitter infighting at the NY Fed markets were accurate because on Wednesday morning, the NY Fed announced that it was restructuring the leadership roles in its Markets Group:

The Federal Reserve Bank of New York today announced that it will restructure the leadership of the Markets Group to best meet its critical responsibilities. The previous position of Executive Vice President and Head of the Markets Group will be split into two roles: an Executive Vice President and Head of the Markets Group, and an Executive Vice President and Manager of the System Open Market Account (SOMA).

The Markets Group Head will be responsible for the group's entire portfolio of products and services, with a focus on operational effectiveness, policy, human capital, and technology. As a member of the Executive Committee, the Markets Group Head will also play a key role in developing and implementing the New York Fed's strategic direction and priorities.