For immediate release

Contact: Daneil Mazone, Manager, Media Relations

Roc Armenter

Philadelphia — Roc Armenter will become the Federal Reserve Bank of Philadelphia’s next executive vice president and director of Research. He will succeed Michael Dotsey, who will retire after more than four decades in the Federal Reserve System.

On January 2, 2023, Armenter will start his new role leading a staff of economists and analysts who conduct research on macroeconomics, banking, finance, and the regional economy. He will serve as the Bank’s chief economic advisor and director of the Consumer Finance Institute, oversee the Financial Statistics Department, attend meetings of the Federal Open Market Committee (FOMC), and make regular presentations on the economy to the Bank’s board of directors.

Armenter is currently a vice president and economist and has been promoted several times since joining the Philadelphia Fed in 2008. While at the Philadelphia Fed, he has played a critical role in the design of balance sheet policies and the evolution of the monetary policy implementation framework. He has also developed a very broad research agenda, with publications at top journals on topics ranging from international trade to the perils of inflation targets.

Armenter started his career with the Federal Reserve System at the Federal Reserve Bank of New York, where he worked as an economist in the International Research Function from 2004 to 2008.

“Roc’s experience with monetary policy, macroeconomics, and the international economy will make him a valuable partner in our FOMC responsibilities,” said Patrick T. Harker, president and CEO of the Philadelphia Fed. “I look forward to working together.”