FOMC Split Shows Need for Rules-Based Policy, Cato Economist Says
Following today’s FOMC decision to leave the federal funds rate unchanged, I wanted to share the following reaction from the Cato Institute’s Jai Kedia:
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The FOMC left its target for the federal funds rate unchanged. Unlike the unanimous decision at the last meeting, three members dissented in favor of a rate hike, the first time since 2016 that three members have dissented in the same direction.
That is surprising, given that there have been no material changes to the macroeconomic landscape threatening inflation or employment since the last FOMC meeting. That is not to say today’s decision was right or wrong, but rather to point out that there is no apparent objective framework being used by FOMC members to make rate decisions.
This is further evidence that the Fed should follow a monetary policy rule when setting its rate target rather than relying on individual members’ discretion.
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You can also find Jai’s new paper, “A Reform Roadmap for the Fed’s Task Forces,” here, and his related recent commentary here. If you’re interested in speaking with Jai about today’s decision, the division within the FOMC, monetary policy rules, or broader Federal Reserve reform, I’m happy to connect you.
Source: https://www.cato.org/news-releases/fomc-split-shows-need-rules-based-policy-cato-economist-says
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