Fed’s Yellen Facing Questions from Within FOMC

Fed Chair Janet Yellen has something of a mini revolt on her hands.

Four of the 17 members of the Federal Open Market Committee have now publicly indicated their disagreement with the dovish guidance in last week’s policy statement and in comments from Fed Chair Janet Yellen at her press conference.

The latest dissenter is Patrick Harker, the new president of the Philadelphia Fed, who said in a speech Tuesday night that the Fed should “get on with” rate hikes and consider another move in April.

He joins centrists John Williams of San Francisco and Dennis Lockhart of Atlanta who earlier this week said the Fed should consider an April hike. Esther George, the Kansas City Fed president who is thought to be among the more hawkish Fed members, dissented at the meeting last week and called for a 25 basis point hike.

Only one of the four dissenters is a voter this year, suggesting that Yellen has the votes she needs if she wants to keep rates unchanged at the April meeting.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza