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Why Fed Officials Rarely Vote Against the Chair
Members of the Federal Reserve's key policy committee are free to vote their conscience. But a new study suggests that casting a vote against the majority carries a professional price, making the recent trend of dissent at the central bank all the more significant. According to a research paper published by the National Bureau of Economic Research (NBER), members of the Federal Open Market Committee (FOMC) who vote against the consensus are less likely to influence future policy decisions. This finding adds critical context to the Fed's recent meetings, which have seen an unusual number of dissenting votes amid sharp ... (full story)
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