Jobs, not prices, are main reason for dissent on FOMC – study
Votes show unemployment in presidents’ districts is of greater concern to them than inflation
Local employment conditions affect how the presidents of regional Federal Reserve banks vote at Federal Open Market Committee (FOMC) meetings, according to new research.
The study, published on June 2 by the Federal Reserve Bank of San Francisco, looks at the period from 1990 to 2017. The authors – Anton Bobrov, Rupal Kamdar, Caroline Paulson, Aditi Poduri and Mauricio Ulate – found a one percentage point higher level of unemployment in a president’s district meant the official was around nine
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