This is how Trump could sway the FOMC

SINGAPORE (Feb 15): US President Donald Trump could potentially appoint five new voting members to the Federal Open Market Committee (FOMC) within the next 18 months following the end of the terms for Fed Chair Janet Yellen and Vice-Chair Stanley Fischer.

Bank of Singapore’s chief economist Richard Jerram explains that the FOMC currently has twelve voting members which include seven permanent voters made up of the members of the Board of Governors in Washington and the president of the New York Fed. The remaining votes are made up of a rotating selection of four of the eleven regional Fed presidents.

“There are currently three vacancies on the Board, and Chair Yellen and Vice Chair Fischer are expected to resign next year once their terms are completed. This means that President Trump will have the chance to influence the composition of the FOMC through the appointment of five new members over the next 18 months,” he said in a note on Wednesday.

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