Help Wanted: Federal Reserve Officials

When lots of executives leave a company, it is a signal that turmoil is brewing at the top echelons and that decisions won't be made with ease.

So what does it mean when there is a lot of turnover at the Federal Reserve? Probably not nearly as much.

"The turnover among Federal Reserve Bank presidents and Fed governors should have no impact on the Fed's debate or conduct about monetary policy," says Mickey Levy, chief economist at Bank of America(BAC Quote).

But there is no denying that the turnover leaves the markets dealing with new faces and voices this year. The Fed is down at least two hawks whose words the markets were comfortable dissecting. There are several spots still open, and the one new replacement is an unknown quantity in terms of whether he leans to the dovish or the hawkish when it comes to monetary policy.

"The market gets a little skittish when there is turnover," says T.J. Marta, chief fixed-income strategist at RBC Capital Markets. But Marta notes that the markets are already dealing with the unexpected from Fed officials. Fed Governor Susan Bies, who announced her retirement Friday, was not very vocal on interest rates, but when she was, she was expected to be dovish. In her last public speech in January, she changed her tune, emphasizing that the recently strong growth was sustaining the risk of higher inflation.