The number of dissenting votes at each meeting of the Federal Reserve Open Market Committee
As the core of US monetary policy, the opinions expressed by internal members of the Federal Reserve are often regarded by the market as a barometer of policy prospects.
In the 1980s and 1990s, there were significant internal divisions within the Federal Reserve, particularly among board members who held different views on decision-making, reflecting the uncertainty of the economic environment and the complexity of policy choices at that time.
Entering the 21st century, differences have significantly decreased, and the Federal Reserve is tending towards a unified decision-making pace, which is seen as a symbol of policy continuity and increased transparency in decision-making.
However, the rare dissenting vote of Stephen Miran, the newly appointed board member in 2025, indicates that with the reversal of the economic environment and the change of chairman, there may be further divisions within the Federal Reserve in the future, and the market needs to be wary of a new wave of competition between policy “doves” and “hawks”.
Overall, the rise and fall of disagreements among members of the Federal Reserve reflects changes in macroeconomic cycles and represents a shift in monetary policy concepts and adjustments in response to challenges in different eras
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