The Federal Reserve has just announced new appointments for the management of 12 regional banks this year. In this personnel adjustment, Lal Karsanbhai, CEO of Emerson Electric, became the chairman of the Board of the St. Louis Fed, while Tim Sweeney of Free Mutual Insurance was appointed Vice Chairman of the Boston Fed. The list also includes several former CEOs of major companies, along with leaders from small and medium-sized enterprises and non-profit organizations. The boards of these regional Feds regularly meet with the Federal Reserve's decision-making committee. Interestingly, the Fed's rate setters have explicitly stated that these directors' views on the economic situation are highly valuable for policy formulation. In other words, behind these personnel changes, it actually reflects the Fed's efforts to adjust its connection with local economies. For us, understanding these high-level changes in the Federal Reserve helps better anticipate the future direction of interest rate policies.