Changing the guard at the Fed - Financial Markets Outlook

12/03/2009

The membership of the FOMC voting committee undergoes its usual rotation at the first meeting of 2010 (27 January).

Out goes one of the arch hawks – Richmond Fed’s Jeffrey Lacker.

But the FOMC also loses one of the most dovish members, San Francisco President, Janet Yellen.

Charles Evans and Dennis Lockhart also step down as voters in 2010.

Incoming members include Sandra Pianalto, Eric Rosengren, James Bullard and Thomas Hoenig.

The mix of FOMC could arguably be slightly more hawkish following this rotation…

… though there are still two vacant posts on the FOMC Board of Governors to fill…

… and filling these posts could change this conclusion.