That said, I would be uncomfortable raising the federal funds rate if readings on wage growth, core consumer prices, and other indicators of underlying inflation pressures were to weaken, if market-based measures of inflation compensation were to fall appreciably further, or if survey-based measures were to begin to decline noticeably.
In this way, the structure of the FOMC mirrors the federalist structure of our government, because representatives from different regions of the country – the various presidents – have input into FOMC deliberations. This basic federalist structure has a long history.