Tim Duy asks: How divided is the Fed and what future policy surprises are possible? Janet Yellen has been built up as an dove of the highest order. Consequently, I can't help but think there is only one surprise she could possibly deliver. Since I think it would be virtually impossible for her policy direction to be more dovish than anticipated (the outcome of optimal control-based policy orientation), the only surprise that seems possible is that she is more hawkish than anticipated. Read the whole article: (VIEW LINK)