Boston Fed President Cathy Minehan will be retiring from the Fed, the Fed said moments ago. Minehan was to be a voting member of the FOMC in 2007 beginning in January. Minehan was the only incoming dove out of the four new members rotating into the FOMC this month for 2007.
If Minehan is replaced by a hawk, and it is a possibility that she will given that the Boston Fed has chosen hawks in the past, then all four incoming members to the FOMC would be hawks. Below is the breakdown of the changes for the FOMC in 2007 as of yesterday and my opinion of the FOMC for 2007:
Hawks Entering:
Moskow
Hoenig
Poole
One Dove Entering:
Minehan
Doves Leaving:
Yellen
Guynn (retired)
Pianalto
One hawk leaving:
Lacker
Current hawk/dove scale for all of the 2007 FOMC members:
Hawks:
Hoenig
Moskow
Poole
Mild Hawks:
Krozner
Warsh
Kohn (one of more flexible, though)
Doves:
Bernanke
Bies
Mishkin
Minehan
Geithner
Nonvoters:
Hawks:
Lacker
Doves
Pianalto
Fisher
Yellen
P.S. Will you be there when Cramer makes his next move?
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Tony Crescenzi Blog ECB Helping Stocks Rally 1/11/2007 12:30 PM EST The European central bank keeps its official rate steady, and short-term rates fall.
Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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