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sd-10-EFTA01459049Dept. of Justice

EFTA Document EFTA01459049

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The FOMC will take a more hawkish direction in 2016 - but we do not anticipate any significant policy implications from this shift The change of voting members will result in a more hawkish FOMC 7 # of voting members 6 5 4 3 2 1 -2015 -2016 1111111111=11111= ,•-•• FOMC becomes more hawkish on average Note: dotted Ines represent romps hawkish r dovish Wore each year. Source Deutsche Bank Research Composition of FOMC: shifting more hawkish Kocherlakota Evans Brainard Tarullo 2

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Dept. of Justice
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sd-10-EFTA01459049
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