Excerpted with permission from the publisher, John Wiley & Sons, from The Little Book of Economics by Greg Ip. Copyright © 2010 by Greg Ip.
Inside the FOMC MeetingBy Greg Ip For all their market-moving potential, meetings of the FOMC are staid affairs generally bereft of drama. Eight times a year, the 19 members of the FOMC gather in Washington for a one- or two-day meeting. The Fed chairman sits at the center of the table, the other 18 members (assuming there are no vacancies) sit on either side, their nameplates riveted on the back of their seat. The meeting usually begins with a briefing on the financial market developments, which is delivered by the head of markets at the New York Fed.
|Federal Reserve Chairman Ben Bernanke|