FOMC forecasts and monetary policy deliberations

- FOMC members' policy preferences may be influenced by other members' forecasts.
- Voting president preferences are influenced by other members' forecasts.
- Non-voting presidents and governors are not influenced by other members' forecasts.

This paper investigates the influence of the economic forecasts of Federal Open Market Committee (FOMC) members on the committee's policy deliberations and finds evidence that the policy preferences of only the voting Federal Reserve Bank presidents are influenced by other members' forecasts.