Conclusion I mentioned that I dissented from the Committee’s last decision in August. Two other presidents dissented – and there have not been as many dissents at one meeting in nearly 20 years. In my view, this level of disagreement reflects two aspects of the current setting. The first is related to the leadership of the Committee.
Chairman Bernanke strongly welcomes the airing of disparate views within the meeting. He clearly believes – as I do – that the United States has a decentralized central bank because we will get better monetary policy if decision-making is grounded in a wide range of views. I think that the chairman should be applauded for this approach to policymaking.