Fed policy framework and dissent count. A framework change resets the reaction function; rising dissents signal a committee losing consensus and a chair losing control.
What to watch: Framework statement; number of dissents per meeting. It arrives event, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Monetary policy (Federal Reserve)
- FOMC rate decision
- Forward guidance and the dot plot
- Fed chair press conference and testimony
- Balance sheet policy (QE / QT)
- Fed leadership and independence
- FOMC minutes
- Fed governor and regional president speeches
- Beige Book
- Fed funds futures pricing
- The neutral rate (r*) debate
- Fed chair transition and reaction function