To almost no one’s surprise, the Federal Reserve’s Federal Open Market Committee (FOMC) changed no policy rates and it kept its policy concerning its balance sheet unchanged this week.
Not everyone was pleased. There were three dissents, all by bank presidents who wanted a 25 basis point hike: Esther George, Loretta Mester and Eric Rosengren. Rosengren was a bit of surprise since he used to be thought of as “dovish.” It was the largest number of dissents in two years. The degree of dissent should push the FOMC to act soon.Read More