Federal Reserve's shift to a decentralized decision-making model increases unpredictability

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The Federal Reserve has transitioned from a chairman-dominated policy model to one where 12 independent voters determine outcomes, leading to increased dissents, a lack of forward guidance, and greater unpredictability in future Fed decisions. This shift, coupled with internal dissent and leaks, is making Fed meetings harder to predict and undermining efforts to eliminate forward guidance, leading to investor confusion.