Former New York Fed President Dudley: The differences within the Fed are not that significant.

Jin10 data reported on August 5th that former New York Fed President Dudley wrote that the divisions within the Fed have been greatly exaggerated. He believes last week was an exception and that the actions of the two governors did not undermine Chairman Powell's position. Dudley pointed out that Waller's call for the Fed to cut interest rates was because he intended to succeed Powell as chairman, while Bowman acted out of her supervisory responsibilities as the Fed Vice Chair. Dudley candidly admitted that he has had reservations about the Fed, including flaws in its 2020 monetary policy framework and its failure to properly consider the costs and benefits of quantitative easing. However, he believes the attacks on Powell's potential successors have been somewhat excessive.