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Jerome Powell could be deciding vote on rate hike, says longtime Fed watcher

“I've been arguing that Fed watching is now vote-tallying,” writes Jim Bianco .

With Fed Governor Chris Waller this morning suggesting he’s likely to vote to hold rates, Bianco believes it’s now 6 FOMC members favoring not to hike, 5 to hike 25 basis points, and 1 undecided.

That one undecided, says Bianco, is former Fed boss Jerome Powell, who hasn’t spoken publicly since his final press conference in May.

There’s no provision in the Federal Reserve Act for a tie vote, so if Powell were to vote to hike — making it 6-6 — presumably the status quo would remain, i.e., no change in policy.

The FOMC, however, could agree to continue voting until the tie is broken, noted Bianco.

Should the vote end up being lopsided to hold rates in place, said Bianco, that would mean a number of voters have “caved” on previously stated positions that policy needs to be tightened.

Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.