Jeffrey Schmid, a former bank executive, will be the next president of the Federal Reserve Bank of Kansas City, the regional Fed bank said on Wednesday — ending an unusually lengthy search for a new leader. Why it matters: Schmid succeeds Esther George, who retired earlier this year after 12 years as its leader. He will become a member of the rotating group of Fed presidents that vote on critical interest rate decisions. The intrigue: The announcement of the Kansas City Fed's new leader comes just weeks before it's set to host an annual gathering of influential economists and policymakers in Jackson Hole, Wyoming. • ... (full story)