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NY Fed says Markets Group chief Neal to exit bank in March 2025

BY Reuters | ECONOMIC | 03:49 PM EST

By Michael S. Derby

NEW YORK, Dec 12 (Reuters) - The head of the Federal Reserve Bank of New York's powerful Markets Group, Michelle Neal, is stepping down and will leave the bank in March 2025, the bank said in a press release Thursday.

Neal will serve as a senior advisor at the bank until she exits, the bank said, adding that Neal is moving to a role in the private sector. Neal oversees the part of the New York Fed that interfaces with the financial sector. Neal was also a member of the bank's Executive Committee. (Reporting by Michael S. Derby)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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