NEW YORK ( TheStreet) - In 2011, the Federal Open Market Committee (FOMC) has gone through some changes to its lineup, with the regional presidents Plosser, Evans, Fisher and Kocherlakota (Philadelphia, Chicago, Dallas and Minneapolis) becoming voting FOMC members. The new voters will replace Hoenig, Bullard, Pianalto and Rosengren (Kansas City, St Louis, Cleveland and Boston).

Indeed, the new voters would appear to have a more hawkish lean than the current four - arguably, with virtually no doves left in the FOMC camp.

On balance, Plosser and Fisher are the most hawkish on the committee (with a higher listing on our policy leaning monitor, Figure 1) and, in our view, it appears likely that one if not both will carry on Kansas City's Fed's Hoenig's dissents.

Plosser earned the hawkish designation following his actions over the past couple of years. Ahead of the Aug. 8, 2006 FOMC meeting, for instance, his bank requested a hike in the discount rate. Likewise, he dissented in March and April of 2008 against looser policy. He also appears to be focused on other issues that dissent from the status quo -- namely, a recalibration of the Fed's mandate to only keep inflation stable.

At the same time, Fisher earned his hawkish reputation by dissenting against looser policy at five of the eight FOMC meetings in 2008. In January, March and April he preferred no rate cut (or a less aggressive one than the 75 basis points in March), while in June and August he suggested rate hikes.

Overall, given these actions, and their skeptical views over the efficacy of QE2, Plosser and Fisher are arguably the most hawkish members on the 2011 committee and, in our view, the most likely to dissent.

On the other hand, the less hawkish additions will include Kocherlakota and Evans, with Kocherlakota becoming a voter for the first time. On Oct. 8, 2009 Kocherlakota assumed the presidency of the Federal Reserve Bank of Minneapolis following the retirement of Gary H. Stern.

Historically under Stern (with his frequent dissents on conventional issues of monetary policy and bank regulation) the Minneapolis Fed has tended to tilt in the hawkish direction.

Therefore, without any history of votes or views (besides the Wall Street Journal article last August that listed him as one of seven FOMC participants who held reservations about the decision to reinvest principal repayments from agency debt and MBS into Treasuries), coupled with a historically hawkish district, we would place Kocherlakota in the moderately hawkish camp.

Evans, in contrast, is arguably the closest to a moderate voter in the new voting group; in part for his consensus votes to loosen monetary policy in late 2008.

On the whole, the new voters appear to have a more hawkish tilt than their predecessors, but the votes that will count are that of the Fed Chairman and his new Vice Chairman Janet Yellen. We have classified the Chairman as neutral, with Vice Chairman Yellen a moderate dove.

Chairman Bernanke was the key architect of the Fed's QE2 program and Vice Chairman Yellen was a proponent of the current policy. Both have notably stressed the risks of deflation and appear to be in favor of the completion of the full $600 billion in asset purchases by June. Indeed, despite the new hawkish tilt, it appears likely that the QE2 continues as currently configured.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.