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New FOMC Policy Members to Come Aboard Next Month

It’s that time of year for the Federal Reserve Board. No, not forecasting what it will do in 2020, but The Game of Chairs, I call it.

For the uninitiated, the Fed’s interest rate policy is set by the Federal Open Market Committee, FOMC, is composed of 12 members--the seven members of the Board of Governors and five of the 12 Reserve Bank presidents around the country. The Board chair, Jerome Powell currently, serves as the FOMC chair; the NY Fed president is a permanent member of the Committee and is vice chairman of the committee.

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