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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