Unless you are an economist, bond trader, or opinion columnist with far too much time on your hands, you probably know very little (and care even less) about the rotational voting dynamics of the Federal Open Market Committee (FOMC) of the Federal Reserve, the body within America's central bank which oversees our country's monetary policy. The FOMC is comprised of Fed chair Jerome Powell and 11 other individuals who set the highly consequential federal funds rate which determines everything from yields on treasury bonds to the value of the dollar to mortgage rates.
And in 2024, the FOMC is slated to take center stage in the U.S. political calendar.
Powell and 11 other people who most Americans have never heard of might be the ultimate X-factor in determining the outcome of the 2024 elections. They could very well determine who becomes the next president of the United States.
Now please stay awake for the next paragraph. I need to share with you exactly how the voting members of the FOMC are determined, because changes in its composition in 2024 will prove highly consequential.
The FOMC is comprised of 12 voting members including the seven members of the Board of Governors and the president of the Federal Reserve Bank of New York. The other four members are regional Fed presidents who are rotated in and out on a yearly basis.........