This is going to be an interesting meeting to see how Powell threads the needle—via the consensus-oriented policy statement—at a time when disagreements over the rate outlook are more stark. Would-be Fed dissenters face their own dilemma: A dissent makes a big statement (especially if there's several), but dissenters potentially surrender influence over the market-moving FOMC statement. This institutional practice was captured by then-Boston Fed President Eric Rosengren during a contentious 2011 meeting where three officials opposed the majority’s decision to provide more economic stimulus. He argued for abandoning attempts to change the statement language in a more consensus-oriented direction as it became clear that the three weren’t going to support the decision. “There’s little reason to accommodate them,” he said, according to transcripts of the meeting. The Fed chair succession "beauty contest" being stage-managed by the Treasury secretary is heightening the tradeoff between political signaling and inside-the-boardroom sway. https://www.wsj.com/economy/central-banking/fed-reserve-voters-division-dissent-99e932a6?st=mC5RK1&reflink=desktopwebshare_permalink(Nick Timiraos)