Washington CNN  —  The Federal Reserve Bank of Cleveland announced Wednesday that Beth M. Hammack will be its next president and chief executive officer after current president Loretta Mester retires at the end of June. Hammack, 52, joins the Cleveland Fed after three decades at Goldman Sachs. She is slated to vote on monetary policy decisions as of August 21, when her term officially starts. For the July meeting of the Federal Open Market Committee, Cleveland Fed Vice President Mark S. Meder will be voting. The central bank is currently mulling when to begin cutting interest rates after raising them to a two-decade high last summer. Inflation stalled earlier this year, which prompted the Fed to delay the timing of its first rate cut, but weaker-than-expected figures on employment and spending thrust rate cuts back into the conversation. This is a developing story and will be updated.