The Fed's new inflation hawks: Plosser and Fisher

 
Richard Fisher

Charles Plosser
Via Reuters
The U.S. Federal Reserve's annual reshuffling of its monetary policy-setting panel looks set to trigger more dissents against moves designed to lower borrowing costs. Joining the panel this year, beginning with its Jan. 25-26 meeting, are Philadelphia Federal Reserve Bank President Charles Plosser and Dallas Fed Bank President Richard Fisher.

Both opposed the Fed's renewed program of monetary easing in 2010, and both cast votes against easing in 2008, the last time they were panel members. Last year Kansas City Fed Bank President Thomas Hoenig was the only panel member to dissent. Hoenig is not a voter this year. Still, the majority of the Federal Open Market Committee, including Chicago Fed Bank President Charles Evans who rotates into a voting position this year, looks likely to continue to back Chairman Ben Bernanke's efforts to support the economy with easy monetary policy.

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