From Gonzalo Lira:

Time was, no one cared about the Federal Reserve's board. Who were the drones? What they did? Who cares!

But ever since the Fed started to expand its balance sheet in the fall of 2008, what the Fed does has mattered—and now with Quantitative Easing 2 and the effective monetizing of 50% of the Federal government's deficit, it matters more than ever.

Next week, on January 25, the Federal Reserve's Open Market Committee (FOMC) will meet. This meeting is important, because the composition of the board will change—and therefore, possibly the direction of the board.

So like Kremlinologists of old, we have to start paying attention to what the FOMC looks like, if we want to divine what will happen.

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More on the Fed:

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The Fed just confirmed that "QE2" is nothing more than a secret bank bailout