The Fed’s Lone Dissenter
Last week’s Fed meeting was fairly innocuous. They kept rates where they were. They kept their QE in place. The language in the press release didn’t change much. Yet the one thing that struck me was the almost unanimous decision. At this meeting, as with the last several meetings, Jeffrey M. Lacker – president of the Richmond Fed, was the lone dissenter on the Fed’s Open Market Committee (FOMC). Now in my opinion, neither unanimous nor hotly partisan decisions are as interesting as an “almost unanimous” decision. I keep wondering, what does that one guy know that the others don’t…or vice versa.
