What FOMC Minutes Say About Future Path of Rates

The transcript discusses the ongoing debate within the Federal Reserve about interest rates, highlighting Eric Rosen Grin's shift from supporting low rates to advocating for a change due to financial stability concerns. Despite low inflation, there's skepticism about the economy overheating. The Fed's approach is to look forward rather than backward, considering the implications of prolonged low rates. The discussion also covers the importance of consensus in decision-making, beyond just the voting members, emphasizing a gradual path for rate changes.

In what way did Janet Yellen and Ben Bernanke approach consensus-building within the Federal Reserve?

What implications does the speaker suggest about the voting and non-voting members of the Federal Reserve?