Socorro Heysen Zegarra Superintendent of Banks, Insurance and PFA Superintendency of Banks, Insurance and Pension Fund Administrators

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Socorro Heysen Zegarra Superintendent of Banks, Insurance and PFA Superintendency of Banks, Insurance and Pension Fund Administrators Socorro Heysen is the current Superintendent of Banks, Insurance and Pension Fund Administrators. She started her professional career working for the Central Reserve Bank of Peru, becoming Deputy Manager of the Monetary Sector and Advisor to the General Manager. In 1997, she joined the Superintendency of Banks and Insurance as Deputy Superintendent of Banks, and from January to June 2002 she was Acting Superintendent of Banks, Insurance and PFA. Ms. Heysen has worked for and advised the International Monetary Fund from 1991 to 2012. From 1991 to 1994 she served as an economist in the Western Hemisphere Department and from 2004 to 2007 she was the Deputy Manager of the Regulations and Banking Supervision Division of that entity. As a consultant, she has done extensive work in several countries in various regions. In 2012 she took over the position of Deputy General Manager of Studies at Financiera Conﬁanza, an entity under Fundación BBVA, resigning that position in August 2017 when she was appointed Superintendent of Banks, Insurance and PFA. Ms. Heysen is an Economist graduated from the Pontiﬁcia Universidad Católica del Perú. She holds a Master’s Degree in Economics from the University of California at Los Angeles, United States (UCLA). About Vincent Reinhart Vincent is Mellon’s Chief Economist and Macro Strategist. In this role, he is responsible for developing views on the global economy and making relative value recommendations across global bond markets, currencies and sectors. Previously, Vincent served as the Chief US Economist and a managing director at Morgan Stanley. For the prior four years, he was a resident scholar at the American Enterprise Institute (AEI). Vincent also worked in several roles at the Federal Reserve over 24 years, including Director of the Division of Monetary Affairs and Secretary and Economist of the Federal Open Market Committee (FOMC). His responsibilities at the Federal Reserve included directing research and analysis of monetary policy strategies and the conduct of policy through open market operations, discount window lending and reserve requirements. Prior to these roles, he was the principal liaison with the domestic desk at the Federal Reserve Bank of New York and was responsible for preparing a document outlining policy alternatives for each FOMC meeting. He was Deputy Director in the Division of International Finance and Associate Economist of the FOMC and spent five years at the Federal Reserve Bank of New York in both the domestic and international research departments. His academic publications primarily concern the conduct of policy and issues related to the monetary transmission mechanism as well as an analysis of alternative auction techniques and Treasury debt management. After an undergraduate training at Fordham University .

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Fed Thoughts: an Apt Place and an Awkward Time
September 2019 Fed Thoughts: An Apt Place and an Awkward Time Vincent Reinhart | Chief Economist & Macro Strategist The story holds that the Economic Symposium at Jackson Hole run by the Federal Reserve Bank of Kansas City (FRBKC) achieved its iconic status for a simple reason: former Federal Reserve (Fed) Chair Paul Volcker loved fly fishing. When the FRBKC chose the venue by happenstance, Volcker signed up immediately. But once he was on the agenda, other Fed governors and Reserve Bank presidents elbowed in. So many policymakers in one place attracted media, and the private sector viewed it as a hot and increasingly hard-to-get ticket. The rest followed. To be fair, FRBKC guidance on content helped but happenstance as history is always a winning narrative. Whatever the reason, central bankers should retreat to mountains once a year, as four lessons from backpacking apply to their jobs. First, a path through the mountains looks much clearer from a distance than up close on the ground. That is, viewed from the lobby of the Jackson Lake Lodge, most routes look obvious. In 2018, the Fed had a straightforward map to raise rates that turned out to be increasingly harder to follow as the year advanced. The reason, the second point, is that local conditions matter, including changeable weather and the volume of other foot traffic on the trail. The Fed’s turn-of-the-year redirection of policy owed to officials discovering that they were pushing against an opposing flow of investors. Third, gravity matters, which is why the way up the mountain is a slow slog compared to the way down.
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