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The Federal Open Market Committee is the entity at the Federal Reserve that makes monetary policy decisions, and so the opinion of its twelve members is important to consider when trying to figure out what the Fed might do in the future. Although the institution is quite technocratic, there is a diversity of opinion and outlook among the members, and if the members change, then there could be a shift in the overall stance of the Committee.

Did I say, twelve members? That’s how many it’s supposed to have, but there are currently two vacancies, which haven’t been appointed by Congress. That’s an issue we’ll get to in a bit. First, let’s have a look at the Committee.

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We all know the Chairman of the Committee is Jerome Powell. However, the composition of the Committee changes annually with four of the Federal Reserve Bank presidents rotating each year, (the Vice-cha...

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