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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

2 hours ago - Health

Boris Johnson announces month-long COVID-19 lockdown in England

Prime Minsiter Boris Johnson. Photo: NurPhoto / Getty Images

A new national lockdown will be imposed in England, Prime Minister Boris Johnson announced Saturday, as the number of COVID-19 cases in the country topped 1 million.

Details: Starting Thursday, people in England must stay at home, and bars and restaurants will close, except for takeout and deliveries. All non-essential retail will also be shuttered. Different households will be banned from mixing indoors. International travel, unless for business purposes, will be banned. The new measures will last through at least December 2.

Updated 2 hours ago - Politics & Policy

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Saturday had already reached 65.5% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Technology: Fully at-home rapid COVID test to move forward.
  5. States: New York rolls out new testing requirements for visitors.

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