Fed decision to taper $10 Billion a month in bond purchases

BROOKINGS, Ore. - Dec. 18, 2013 - PRLog -- Bernanke will attend his last Open Market meeting January 28-29, as Chairman of the Federal Reserve. Janet Yellen is expected to replace him at the March 18-19, 2014 FOMC meeting. Historically the Fed Chairman drafts board monetary policy which is confirmed by majority vote.

President Obama nominated Stanley Fischer to fill Yellen’s open seat. Yellen is believed to be more dovish than Bernanke. Stanley Fischer as a professor at MIT taught neo-Keynesian soft money monetary policy to students Ben Bernanke and the future ECB President Mario Draghi. As head of the Bank of Israel he debased the Israeli currency to stimulate exports.

Janet Yellen, Stanley Fisher, Governor Daniel Tarullo, and New York Fed President William Dudley will probably set policy. The Fed Governors are expected to be supporting cast members

Three regional Fed Presidents vote for one year, and then serve as non-voting alternates for three years. The New York Fed President, representing the large Wall Street banks, votes every year. Dallas Fed President Richard Fisher and Philadelphia President Charles Plosser, will vote in 2014 FMOC meetings. As monetary hawks it is anticipated they will oppose soft monetary policies. However, skeptics believe the Federal Reserve was set up as a banking cartel to be dominated by big Eastern banks to promote soft money policies. Fisher and Plosser will most likely be ineffective in changing Yellen’s worldview.

Governor Jerome Powell’s term expires in January, and is expected to be reappointed by President Obama. He is considered a dove. President Obama is also expected to appoint replacements for Fed Governors Elizabeth Duke, Jeremy Stein, and Sarah Bloom Raskin, with soft money advocates.

　

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