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Fed's FOMC Decision: It was not Unanimous

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Tags The FedMoney and BanksMoney and Banking

03/18/2016

Unanimous decisions by the FOMC are fairly common as a way to build "confidence" in the economy. The recent FOMC decision on Fed policy going forward was not unanimous. Let's take a look at who voted against the rest of the committee.

It's Ester L. George the president of the Kansas City Fed. She is from Missouri and graduated from a Missouri college. She has worked for the Kansas City Fed most of her life, working with former President Thomas Hoenig, who was considered one of the last inflation "hawks."

George recently stated that the previous rate hike was a "late start" and that "if we wait for the data to provide complete confirmation before making a policy decision, we may well have waited too long."

Interestingly, Ester George is the host of the Federal Reserve Bank of Kansas City’s annual Jackson Hole Economic Symposium.

Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.

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