Greenspan continued to be the most influential committee member. However, his dominance was markedly diminished, in that his total market impact was 'only' about twice as large as the next FOMC member.
More Quotes from Brian Sack:
The committee has been very clear about what its strategy is. It expects to continue to tighten, but it doesn't know how much farther it has to go, and those decisions will depend on the incoming data.Brian Sack
The most provocative interpretation (of this change) is that market participants anticipated that the Committee was going to become more democratic once Greenspan departed, and hence began to pay more attention to the comments by other FOMC members.
Brian Sack
Markets are certainly focused on people who speak effectively about macroeconomic issues and the outlook for policy. The key issue here may be whether they choose to speak clearly and forcefully about near- term economic issues.
Brian Sack
He will stress the nature of the initial conditions an economy at full employment likely to be growing at an above-trend rate in the first half of this year, and inflation already near the upper end of the comfort zone.
Brian Sack
He would take stands on very important issues ... that at times did not fully agree with the chairman or other committee members, but would do so in a very effective way.
Brian Sack
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Based on Keywords: markedly, onlyLife is about learning; when you stop learning, you die.
Tom Clancy
A voice is a human gift; it should be cherished and used, to utter fully human speech as possible. Powerlessness and silence go together.
Margaret Atwood
Let me say again that the relationship is asymmetrical: there's no democracy without a market economy, but you can have a market economy without democracy.
Peter L. Berger