Technical Analysis

Who will lose their vote on the FOMC in 2023, and who will replace them. Hawks vs. doves.

I think far too much is made of who votes at the Federal Reserve Federal Open Market Committee (FOMC), who’s a hawk, a dove, a centrist.

C’mon, when was the last time the Committee was even close to being split? The odd dissent from time-to-time is about it.

Still, here we go with who is in and who is out in the new year. And their inclinations.


  • James Bullard of the St. Louis Fed, who has been leading hawkish
  • Loretta Mester of the Cleveland Fed, also hawkish leaning
  • Esther George of the Kansas City Fed, consistently hawkish!
  • Susan Collins of the Boston Fed, a noob who has tended towards the middle of the hawk-dove spectrum


  • Austan Goolsbee of the Chicago Fed – likely dovish
  • Patrick Harker of the Philadelphia’ Fed – centrist
  • Lorie Logan of the Dallas Fed – centrist
  • Neel Kashkari of the Minneapolis Fed who (I can’t believe I am writing this) has been hawkish (for many years he was an uber dove)

The regional Presidents rotate on and off the committee each year, except for the head of the New York branch, John Williams at present. The NY Fed have a permanent FOMC vote.

Taying in place are the seven members of the Board of Governors. They all vote.

  • Jerome H. Powell, Chair
  • Lael Brainard, Vice Chair
  • Michael S. Barr, Vice Chair for Supervision
  • Michelle W. Bowman
  • Lisa D. Cook
  • Philip N. Jefferson
  • Christopher J. Waller

The mercurial Kashkari.

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