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Expand chart
Reproduced from Federal Reserve Bank of St. Louis; Chart: Axios Visuals

Dissent has been growing at the Fed this year and has only increased since Chairman Jerome Powell decided to cut U.S. overnight interest rates in July.

Why it matters: While there are signs the Fed's rate setting committee is a very divided body, the 6 dissenting votes against official FOMC decisions this year are hardly out of the ordinary.

Between the lines: Kansas City Fed President Esther George and Boston Fed President Eric Rosengren, who both dissented at the September meeting, have a history of opposing the committee.

  • Since joining the Fed in October 2011, George has dissented 12 times (every time in favor of rate hikes) — far more than any other member of the FOMC during that time.
  • Rosengren has dissented 4 times since joining the Fed in 2007, and 3 have come since 2013.

The intrigue: The only Fed chair to never face a dissent was Thomas McCabe, who served in the role for 3 years following World War II.

  • McCabe helped craft the Treasury-Fed Accord, which removed the obligation that the Fed monetize the debt of the U.S. Treasury at a fixed rate.
  • This accord "laid the foundations for the monetary policy the Fed pursues today," according to a Fed biography of McCabe.

What to watch: Members of the Fed will be out in full force this week.

  • Monday: New York Fed President John Williams (voter) and San Francisco Fed President Mary Daly (non-voter) will speak today, as will St. Louis Fed President James Bullard (voter), who dissented in favor of a 50 basis point cut at the September meeting.
  • Wednesday: Chicago Fed President Charles Evans (voter), George (voter), and Dallas Fed President Steven Kaplan (non-voter) will speak.
  • Thursday: Kaplan, Bullard, Fed Vice Chair Richard Clarida (voter), Daly, Minneapolis Fed President Neel Kashkari (non-voter), and Richmond Fed President Thomas Barkin (non-voter) are scheduled.
  • Friday: Fed Governor Randal Quarles (voter) and Philadelphia Fed President Patrick Harker (non-voter) will be up.

Go deeper: Federal Reserve announces 2nd consecutive rate cut

Go deeper

1 hour ago - Health

J&J CEO "absolutely" confident in vaccine distribution goals

Johnson & Johnson CEO Alex Gorsky said Monday that he is "absolutely" confident that the company will be able to meet its distribution goals, which include 100 million doses by June and up to a billion by the end of 2021.

Driving the news: J&J is already in the process of shipping 3.9 million doses this week, just days after the FDA issued an emergency use authorization for the one-shot vaccine. Gorsky said he expects vaccines to be administered to Americans "literally within the next 24 to 48 hours."

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Clash of the central bankers

Photo Illustration: Eniola Odetunde/Axios. Photos: Bloomberg, Samuel Corum (Stringer)/Getty Images

While Fed chair Jerome Powell is brushing off the seismic rise in government bond yields and a corresponding decline in stock prices, a group of central bankers in the Pacific are starting to take action.

Driving the news: Bank of Japan governor Haruhiko Kuroda told parliament on Friday the BOJ would not allow yields on government debt to continue rising further above the BOJ's 0% target.

Biden expresses support for Amazon workers' union vote in Alabama

Photo: Joe Raedle/Getty Images

President Biden expressed support for a union vote by Amazon warehouse workers in Alabama in a two-minute video posted on Twitter Sunday, though he did not name the tech giant specifically.

Why it matters: A vote by workers at the Bessemer, Ala., warehouse to join the Retail, Wholesale and Department Store Union would make the facility the first Amazon warehouse to unionize in the U.S., per NPR. The election will run through March 29.

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