James Bianco, head of Bianco Research in Chicago, argues that the impact of all this has been “breaking the 40-year stranglehold the Fed chair has had over committee voting,” leaving members to vote as they see fit. If Miran can ignore groupthink, publish blog posts, and explain himself in numerous interviews, says Bianco, “then why can’t everyone else? The result is 12 truly independent voters.” The Bank of England regularly sees dissents in both directions, and few other major central banks are as dominated by their chair as the Fed has been since the eras of Paul Volcker and Alan Greenspan. Bianco thinks this is a positive development: The irony is that, by attempting to stack the odds in his favor by appointing his people, Trump may have made the Fed more independent. The next Fed chair has been reduced to just one of 12 votes.(Jim Bianco)