Hidden Dissent Index

Our method reveals that hidden dissent, as captured from FOMC meeting transcripts and minutes, aligns remarkably well between these two sources. This offers a unique, timely tool to measure unspoken disagreements directly from the minutes — a practical advantage for analyzing how financial markets respond to these underlying policy tensions. 

With this approach, we can explore the real-time impact of “behind-the-door” disagreements on market dynamics, opening new avenues for understanding central bank communications and market reactions.