Chart o’ the Day: 2014 FOMC Hawk – Dove Continuum

Via Ethan Harris and the BofA Merrill Lynch US Economic Weekly report:

Every year voting positions on the Federal Open Market Committee, the Fed’s policy-making group, rotate among the regional Fed presidents. Market participants then wonder whether the incoming set of voters is more hawkish or dovish than the last. But this year the bigger news is the changing cast of Federal Reserve Board governors, starting at the top: Janet Yellen takes over as Fed Chair on February 1. Despite all these moves, we expect the main story for the 2014 FOMC to be one of policy continuity.

With so many positions in flux, it is difficult to know the players without a scorecard. Figure 1 shows where we would place current and prospective Fed officials on a hawk/dove spectrum.

2014 fomc



Meet the 2014 FOMC (January 23rd 2014)
Bank of America Merrill Lynch 

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