Analysis: Recent Reserve Bank Picks Boost Consensus at the Fed

Hawkish leaders at regional Fed banks have been succeeded in recent years by those with centrist views

The appointment of Thomas Barkin, a McKinsey & Co. executive, to lead the Federal Reserve Bank of Richmond reinforces a gradual and subtle shift among central bank officials away from dissenters and toward consensus.

Mr. Barkin succeeds Jeffrey Lacker, who frequently voted against the Fed’s monetary policy decisions, typically because...

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