May
16

Of Interest

The interest rate setting Federal Reserve Open Market Committee always includes the seven Governors of the Federal Reserve System and the President of the Federal Reserve Bank (FRB) NY. The remaining four members rotate among the Presidents of the other 11 FRBs. For policy purposes, the rotating members don’t matter. Moreover, Governors Fisher, Lacker and Plosser all of whom are calling for an end to QE3, aren’t currently voting members.

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