This week’s chart of the week looks at how often Federal Reserve officials have disagreed on interest rate decisions, something known as a “dissent,” which simply means a member voting differently than the majority. Under Chair Jerome Powell, dissents were notably rare, averaging just 0.46 per meeting, making his tenure one of the most consensus-driven periods in modern Fed history. As Kevin Warsh prepares to take the helm as new Fed chair, markets will be watching closely to see whether that level of agreement continues, especially as new leadership is often tested early on. A pickup in dissents could signal growing differences in opinion on inflation and rate policy, which may introduce more uncertainty and short-term market volatility. At the same time, markets are increasingly pricing in that the Fed’s next move could be a rate hike rather than a cut if inflation proves more persistent than expected.