Whom to Listen to in the Fed Minutes

Tim Duy:

Whom to Listen to in the Fed Minutes: When it comes to the meetings of the Federal Open Market Committee, not all central bank policy makers are created equally. There are “participants” -- all the policy makers in the room -- and there are “members,” those who have a vote. It is important to keep this distinction in mind when reading the minutes of the FOMC meetings -- especially because many of the more hawkish members of the Fed are participants, not members.

Continued at Bloomberg Prophets...