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WASHINGTON, Sept 18 - Federal Reserve Governor Michelle Bowman on Wednesday became the first Fed governor to vote against an interest-rate decision by the U.S. central bank since 2005, denying Fed Chair Jerome Powell a clear consensus at a pivotal moment.
Of the Fed's 19 policymakers who take part in each two-day rate-setting meeting, only 12 cast a vote on the decision. Those include eight permanent voters, including all seven members of the Fed Board and the president of the New York Fed, with the remaining 11 Fed presidents trading off one-year turns at the ballot box in groups of four.
"I do think that we’re a consensus-driven organization," Fed Chair Jerome Powell said after the July rate-setting meeting, at which the group reached its 17th straight unanimous rate-setting decision. During the pandemic dissents were infrequent."We felt more united because we felt under a lot of pressure to get things right," Powell said then,"but before the pandemic, we had plenty of dissents. And dissents happen. It’s part of the process.
Dissents"clearly suggest that they are not suffering from 'group think,'" said ING economist James Knightley before the meeting."There are lots of risks to balance and would suggest tough discussions are being had."
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