regional Reserve Bank

The rate-setting committee seats seven governors, nominated by the president and confirmed by the Senate, alongside five of the regional presidents. A regional president is chosen by that bank's own board. So the same vote reads differently depending on whether the dissent came from governors or from presidents. When the seven governors move together, policy goes their way.

Predictions & track record (2)

• Awaiting grading Why has Fed Chair Warsh decided to stop telling you the next move at his press conference?Score on reactions to data releases through the September FOMC. If rate futures swing noticeably wider on inflation and jobs days than they averaged in the first half, count it as losing guidance's cushion, and if the moves are similar or smaller, count it as a normalisation toward the data.
• Awaiting grading Why did all three dissents at the Fed's fifth straight hold argue for a hike?Score at the September FOMC: a hike, or hawkish dissents growing to four or more, counts for the three who dissented.

2 related posts

• Watch Why has Fed Chair Warsh decided to stop telling you the next move at his press conference? 메르 (ranto28) · 2026-07-31
• Watch Why did all three dissents at the Fed's fifth straight hold argue for a hike? The Kobeissi Letter (@KobeissiLetter) · 2026-07-29