General Discussion

of paramount importance for markets to believe that the fed funds rate is based exclusively on economic concerns. If Warsh becomes fed chair, we don't know how international markets will respond. Trust in all our markets may be affected.

From the Motley Fool

All seven members of the Fed's board serve as voting members of the Federal Open Market Committee (FOMC), which decides on the federal funds rate -- the Fed's overnight benchmark lending rate -- and changes to the Fed's balance sheet.

While the Fed chair has significant influence on the FOMC, it's still a voting committee, and the FOMC has arguably never been more divided than it is now. At Powell's final meeting as chair, the FOMC voted 8-4 to keep the federal funds rate unchanged, within a range of 3.50% to 3.75%.

There haven't been four dissenting votes since October 1992.