https://www.newyorkfed.org/aboutthefed/fedpoint/fed48.html meeting 8 times/year, 12 members (7 governors/5 rotating regional presidents with ny perm) etc okay. -------------------------------------------- When the presentations are concluded, the Board's director of monetary affairs discusses the relevant monetary policy options, without making a policy recommendation. Then, usually beginning with the chairman, the Board members and Reserve Bank presidents—again including those not voting—discuss their policy preferences. The committee then votes. --------------------------------------------------- It doesn't mention majority voting, but read somewhere else that is majority (can't recall where). Therefore, I guess after policy discussion, various alternative (mutually exclusive) policies are voted one-by-one? So all 12 members vote against no-cut, 25bps-cut, 50bps-cut...one by one? But the 2019 statements all show 10 votes, not 12 voting members? Here https://www.cbsnews.com/news/how-much-does-the-fed-chair-influence-monetary-policy/, it says that the chairman will list proposals to be voted on. But majority (ie 51% or 7 members) isn't guaranteed to be achieved right. Say 4 want no-cut, 6 25bps, 2 50bps, then we see 4-8 for 0bp cut, 6-6 for 25bps cut, 2-8 for 50bps cut. Anyone can elaborate the procedure in how the rate decision is reached ?
It looks like we have a meeting coming up on the 30th/31st. That's why the Forex market was lacking momentum this past week. Looking forward to this one setting the stage for the coming months.
You're the dumb and useless poster. You're the one asking the dumb and useless question when we in the modern world have things like search engines for dumb and useless questions like the one you asked. Dummy!!
They look at the Bloomberg Terminal and which ever way the market dictates the rates, they follow. Market priced in 100 % rate cut for end July, so they will do exactly that, they do not want to upset the markets, one of their mandates is to keep equities at reasonable levels... In December they tried testing the markets and look what happened, they did a full reversal two weeks later without a meeting, they just called CNBC to put the camera's in front of NY Fed chair saying they are done with rate hikes and will be patient going forward, possibly ending QT earlier was said at the time. FOMC meetings to be quite honest is a puppet show and more for Mainstream Media then active players. The Fed follows the markets, not the other way around... You can more or less know which way rates are going just from markets expectations, especially on rate cuts, if they don't follow the markets expectation, algo's throw tantrums then the Federal Reserve gets in line
The last time the Fed cut rates by 50 basis points was end of 2008. What I would LOVE to see, is the Fed sticking it into the arse of Trump and RAISING rates by 25 basis on July 31st. If Trump wants to play pony politics by threatening Powell, without the legal authority to do so? Then Powell should play the game and screw him by reversing on his wishes. Neither of them are doing the country any good with this stupidity. The rates can stay right where they are, and we'll all be fine. We had 0.25% for 7 years and we were doing great. Should have left that shit where it was.
Ok, some spots are unoccupied so # of votes has always been below 12 in recent years. I thought the 12-member description implies 'real' composition of the FOMC not on a if-complete basis, which hasn't held for long.