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KC's George: Dissented To 75bp On "Policy Uncertainty" Grounds


KC Pres George's dissent to June's 75bp hike was based on the same reasoning in our 0728ET note: "I viewed that move as adding to policy uncertainty simultaneous with the start of balance sheet runoff," George said in a statement explaining her dissent.

  • "The speed with which we adjust the policy rate is important. Policy changes affect the economy with a lag, and significant and abrupt changes can be unsettling to households and small businesses as they make necessary adjustments. It also has implications for the yield curve and traditional bank lending models, such as those prevalent among community banks," she added.

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