Kremlinology? Call It Fed-Res-ology: Reading the Tea Leaves of the Federal Reserve Board

Looking at just the Board of Governors, they all genuinely and honestly believe QE-2 is the right policy—and since they are the undisputed majority, under Bernanke’s leadership, they clearly have every intention of making it work, no matter what.

So the shift in the regional chairs—though it adds one more vote against QE-3 or QE-4—does not significantly change the current direction of the FOMC.