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  • Macro Faculty | Affiliated Students | External Affiliates DIRECTORS Olivier Coibion is the Malcolm Forsman Centennial Professor of Economics at The University Read more 

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  • How the Fed Makes Decisions: Disagreement, Beliefs, and the Power of the ChairDecember 22, 2025By Cooper Howes, Marc Dordal I Carreras, Olivier Coibion and Yuriy Read more 

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OPINIONS | December 22, 2025

How the Fed Makes Decisions: Disagreement, Beliefs, and the Power of the Chair
When the Federal Reserve changes interest rates, the decision is usually announced as if it were the product of a unified voice. The public sees a single policy rate, a carefully worded statement, and perhaps a press conference that generally emphasizes consensus. Yet behind this appearance of unity lies a much messier reality. Read more

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