Episode Title: Decoding Dissents: Insights from the FOMC's HistoryEpisode Notes:

1. Introduction: A brief primer on the day's topic - the Federal Reserve Bank of St. Louis REVIEW Third Quarter 2014's exploration of FOMC dissents.
2. Understanding the Federal Reserve System:
   • Background: Introduction to the Federal Reserve System's creation in 1913.
   • Role of the Federal Reserve Bank of St. Louis: Its jurisdiction covering the Eighth Federal Reserve District.
3. The Federal Open Market Committee (FOMC):
   • Purpose: The key monetary policymaking body of the Federal Reserve System.
   • Responsibilities: Oversight of the Open Market Desk's operations, setting U.S. monetary policy, and assessing economic conditions.
   • Meeting Frequency: Eight times annually to assess and dictate the direction of monetary policy.
4. Unpacking FOMC Dissents:
   • What is a Dissent? Definition and distinction between formal and informal dissents.
   • Reasons for Dissents: Discrepancies in economic outlook, policy tool choices, and potential financial stability risks.
5. Insights from the St. Louis REVIEW:
   • Historical Trend: An increase in dissenting voices, particularly since the 1990s.
   • Times of Transition: Highlighting that dissents are more common in transitional economic periods.
   • Roots of Disagreement: Pinpointing areas of contention such as inflation targets, employment levels, and interest rate decisions.
6. Impact of Dissents on Monetary Policy:
   • Influence on Decisions: The heightened impact when the Chair or a majority dissent.
   • Enhancing Transparency: Dissents prompting the FOMC to be more transparent and accountable in its rationales.
7. Conclusion: Reflecting on the integral role dissents play in shaping U.S. monetary policy and their significance in navigating economic challenges.

Outro: Acknowledgment of the episode's in-depth look into FOMC's history of dissents, emphasizing the importance of understanding these factors as the global economic landscape evolves. Encouraging listeners to share their thoughts and perspectives on the topic.