The biggest FOMC news released today was not the December minutes – there was absolutely no surprise there. The biggest news, by far, is that as we wrote a few weeks ago, the composition of the FOMC voting members changes drastically as of January 1, with Hawks Fisher, Kocherlakota and Plosser now out of the voting rotation, and replacing them will be the gaggle of ferocious doves Pianalto, Lockhart and Williams. In fact the only hawk left in the Fed as of today through the end of the year is Richmond Fed’s Jeffrey Lacker who has shown substantial dovishness in the past.
SPECIAL NOTE: Be sure to register now for Gary Kaltbaum’s next live Webinar on Saturday January 21, 2012. He will talk about the important implications of early-January’s market action…and much more. Click here for more information.