3 thoughts on “John McDuling, Les Hewitt

  1. shinichi Post author

    Meet the 10 people with the fate of the world in their hands

    September 17, 2015

    by John McDuling

    graphic by Les Hewitt


    It is one of the biggest decisions in the history of financial markets, and it could easily alter the direction of the global economy.

    Tomorrow morning, at about 4am (AEST), the US Federal Reserve will decide whether to raise interest rates for the first time since 2006. If it does raise rates it would be momentous, signalling that finally (finally!) the world’s biggest economy has recovered from the global financial crisis.

    But how much do we really know about the 10 people who will actually make this critical call?

    The Fed is split between “doves”, who are more inclined to support looser monetary policy, and its “hawks”, who are more concerned about inflation and more likely to support higher rates.
    But there is a lot more to these people. Did you know for example that:

    • Janet Yellen, the chair of the FOMC, grew up in the working class Brooklyn neighbourhood of Bay Ridge
    • Only two of the ten voting members of the FOMC are women: Yellen, and Lael Brainard
    • For the conspiracy theorists, only one member of the FOMC, New York president William Dudley, is an alumnus of the investment bank Goldman Sachs, which some people think secretly runs the Fed.
    • For the other conspiracy theorists, only one member of the FOMC is an alumnus of the consulting giant McKinsey & Co, Lael Brainard
    • ​One member, Jerome Powell, worked for the secretive and well connected private equity firm, Carlyle Group
    • One member, Denis Lockhart, previously served in the military
    • All but three members of the FOMC have PhD’s in economics.
    • One, Stanley Fischer, previously ran another central bank (the Bank of Israel). Fischer is a dual citizen and was born in Zambia.
    • At least four members served as advisers to former President Bill Clinton
      One (Powell), was an adviser to President George W Bush

    A few weeks ago, it looked like a done deal that the Fed would finally “hike”, having pumped trillions of dollars into the world’s banking system in the aftermath of the global financial crisis.

    Since then, China’s economy, currency and equity markets have all started to wobble, sending ripple effects across the world, and causing many economists to revise their predictions and implore the Fed to hold off.

    Still, 51 of the 113 economists surveyed by Bloomberg expect the Fed to raise rates.

  2. shinichi Post author




  3. shinichi Post author

    (September 17, 2015)

    The Federal Reserve is keeping U.S. interest rates at record lows in the face of threats from a weak global economy, persistently low inflation and unstable financial markets.

    Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.

    Voting against the action was Jeffrey M. Lacker, who preferred to raise the target range for the federal funds rate by 25 basis points at this meeting.


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