Federal Reserve Dove Hawk Scale

Following the publication of the Minutes of the Federal Open Market Committee (FOMC), Axel Merk released a short commentary entitled "Fed - Actions Speak Louder Than Words".

In this commentary, he explains that we are unlikely to see any changes in monetary policy, since the majority of voting members are dovish (for an accommodative monetary policy) and only one if hawkish (for a  tighter monetary policy) as shown in the chart below.