- Interest rates are set through a voting system on the
Federal Open Market Committee.
- That group consists of Fed governors and leaders of
central bank branches across the country.
- Officials tend to be labeled as dovish or hawkish,
depending on how much they focus on inflation or
President Donald Trump often blames his monetary policy
frustrations on Federal Reserve Chairman Jerome Powell. But
interest rates are determined by a group of central bankers, not by
Members of the Federal Open Market Committee typically meet
eight times a year to vote on the federal funds rate. Seven
individuals on the Board of Governors always vote — there are
currently two of these seats open that Trump is
planning nominations for.
Fed presidents from across the country take turns on the FOMC
each year, though the New York bank’s leader always votes.
Here’s who will be on the committee through 2021 and how they
tend to view monetary policy, according to analysis by Bank of
America Merrill Lynch. Inflation doves are seen as more concerned
about employment than rising prices, while hawkish officials tend
to favor higher interest rates.
John C. Williams, New York, Vice Chairman
James Bullard, St. Louis
Charles L. Evans, Chicago
Esther L. George, Kansas City
Eric Rosengren, Boston
Patrick Harker, Philadelphia
Robert S. Kaplan, Dallas
Neel Kashkari, Minneapolis
Loretta J. Mester, Cleveland
Strine, First Vice President, New York
Marcy C. Daly, San Francisco
Raphael Bostic, Atlanta
Tom Barkin, Richmond
Source: FS – All – Economy – News
Here are the officials who vote on the Federal Reserve committee that sets interest rates