What happens within the four walls of the U.S. Federal Reserve when its policy-setting Federal Open Market Committee (FOMC) meets? With policymakers gathered in Washington, DC, to decide whether to start tapering the Fed’s bond buying program, get an exclusive look into how the meeting unfolds through the eyes of one of the attendees, Dennis Lockhart, head of the Federal Reserve Bank of Atlanta.
Many wonder if when Fed Vice-Chair Janet Yellen succeeds Ben Bernanke in the top job on January 31 a new chair will mean a new style to the meetings. However, Lockhart, speaking on the sidelines of the 2013 Blouin Creative Leadership Summit, sees continuity. “I doubt that the overall tone of the meeting is going to change,” he said. “The consensus orientation and the style of the meeting is embedded in tradition. I think she might find resistance if she tries to change that dramatically.”