What is the MVIE score?

MVIE (Multi-Variate Instability Engine) is a 0–100 score of how fast the correlation structure of a portfolio, analysed together with a fixed macro universe, is changing. It combines three components measured on a rolling 60-session window of Spearman correlations: the Absorption Ratio (share of the top 20% of eigenvalues), the Instability Score (mean absolute change in pairwise correlations versus the previous 60 sessions) and Priority Drift (how far the eigenvector-centrality ranking on the Minimum Spanning Tree has moved). Each component is standardised against its own previous 252 sessions, mapped to 0–100 and weighted 40/35/25. Below 60 is GREEN, 60–80 AMBER, 80 and above RED. It describes structure; it is not a forecast.

How does the Veto Protocol work?

The Veto Protocol is a hard override rule: when the MVIE state is RED (score 80 or above), every BULLISH signal label is reclassified to NEUTRAL, on the principle that macro systemic risk dominates single-asset technical signals during crisis regimes. The state is the only trigger.

What asset classes does MVIE Pro support?

MVIE Pro supports any asset with daily price history, including equities, ETFs, fixed income, commodities, FX, and cryptocurrencies. The network topology analysis is asset-class agnostic.

Is MVIE Pro investment advice?

No. MVIE Pro is a quantitative research and risk monitoring tool, not a registered investment advisor. All outputs are analytical scenarios for educational and research purposes only.

Fed context

FOMC statements since 2006

Every statement of the Federal Open Market Committee since 2006, by date. Each page compares the statement sentence by sentence with the scheduled statement before it, and shows how the Committee voted.

171 statements, from January 31, 2006 to October 28, 2026.

20267 statements

October 28, 20262 members voted against: Lisa D. Cook, Beth M. Hammack.
September 16, 2026Unanimous.
July 29, 20263 members voted against: Beth M. Hammack, Neel Kashkari, Lorie K. Logan.
June 17, 2026Unanimous.
April 29, 20264 members voted against: Stephen I. Miran, Beth M. Hammack, Neel Kashkari, Lorie K. Logan.
March 18, 20261 member voted against: Stephen I. Miran.
January 28, 20262 members voted against: Stephen I. Miran, Christopher J. Waller.

20258 statements

December 10, 20253 members voted against: Stephen I. Miran, Austan D. Goolsbee, Jeffrey R. Schmid.
October 29, 20252 members voted against: Stephen I. Miran, Jeffrey R. Schmid.
September 17, 20251 member voted against: Stephen I. Miran.
July 30, 20252 members voted against: Michelle W. Bowman, Christopher J. Waller.
June 18, 2025Unanimous.
May 7, 2025Unanimous.
March 19, 20251 member voted against: Christopher J. Waller.
January 29, 2025Unanimous.

20248 statements

December 18, 20241 member voted against: Beth M. Hammack.
November 7, 2024Unanimous.
September 18, 20241 member voted against: Michelle W. Bowman.
July 31, 2024Unanimous.
June 12, 2024Unanimous.
May 1, 2024Unanimous.
March 20, 2024Unanimous.
January 31, 2024Unanimous.

20238 statements

December 13, 2023Unanimous.
November 1, 2023Unanimous.
September 20, 2023Unanimous.
July 26, 2023Unanimous.
June 14, 2023Unanimous.
May 3, 2023Unanimous.
March 22, 2023Unanimous.
February 1, 2023Unanimous.

20228 statements

December 14, 2022Unanimous.
November 2, 2022Unanimous.
September 21, 2022Unanimous.
July 27, 2022Unanimous.
June 15, 20221 member voted against: Esther L. George.
May 4, 2022Unanimous.
March 16, 20221 member voted against: James Bullard.
January 26, 2022Unanimous.

20218 statements

December 15, 2021Unanimous.
November 3, 2021Unanimous.
September 22, 2021Unanimous.
July 28, 2021Unanimous.
June 16, 2021Unanimous.
April 28, 2021Unanimous.
March 17, 2021Unanimous.
January 27, 2021Unanimous.

202010 statements

December 16, 2020Unanimous.
November 5, 2020Unanimous.
September 16, 20202 members voted against: Robert S. Kaplan, Neel Kashkari.
July 29, 2020Unanimous.
June 10, 2020Unanimous.
April 29, 2020Unanimous.
March 23, 2020unscheduledUnanimous.
March 15, 2020unscheduled1 member voted against: Loretta J. Mester.
March 3, 2020unscheduledUnanimous.
January 29, 2020Unanimous.

20198 statements

December 11, 2019Unanimous.
October 30, 20192 members voted against: Esther L. George, Eric S. Rosengren.
September 18, 20193 members voted against: James Bullard, Esther L. George, Eric S. Rosengren.
July 31, 20192 members voted against: Esther L. George, Eric S. Rosengren.
June 19, 20191 member voted against: James Bullard.
May 1, 2019Unanimous.
March 20, 2019Unanimous.
January 30, 2019Unanimous.

20188 statements

December 19, 2018Unanimous.
November 8, 2018Unanimous.
September 26, 2018Unanimous.
August 1, 2018Unanimous.
June 13, 2018Unanimous.
May 2, 2018Unanimous.
March 21, 2018Unanimous.
January 31, 2018Unanimous.

20178 statements

December 13, 20172 members voted against: Charles L. Evans, Neel Kashkari.
November 1, 2017Unanimous.
September 20, 2017Unanimous.
July 26, 2017Unanimous.
June 14, 20171 member voted against: Neel Kashkari.
May 3, 2017Unanimous.
March 15, 20171 member voted against: Neel Kashkari.
February 1, 2017Unanimous.

20168 statements

December 14, 2016Unanimous.
November 2, 20162 members voted against: Esther L. George, Loretta J. Mester.
September 21, 20163 members voted against: Esther L. George, Loretta J. Mester, Eric Rosengren.
July 27, 20161 member voted against: Esther L. George.
June 15, 2016Unanimous.
April 27, 20161 member voted against: Esther L. George.
March 16, 20161 member voted against: Esther L. George.
January 27, 2016Unanimous.

20158 statements

December 16, 2015Unanimous.
October 28, 20151 member voted against: Jeffrey M. Lacker.
September 17, 20151 member voted against: Jeffrey M. Lacker.
July 29, 2015Unanimous.
June 17, 2015Unanimous.
April 29, 2015Unanimous.
March 18, 2015Unanimous.
January 28, 2015Unanimous.

20148 statements

December 17, 20143 members voted against: Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser.
October 29, 20141 member voted against: Narayana Kocherlakota.
September 17, 20142 members voted against: Richard W. Fisher, Charles I. Plosser.
July 30, 20141 member voted against: Charles I. Plosser.
June 18, 2014Unanimous.
April 30, 2014Unanimous.
March 19, 20141 member voted against: Narayana Kocherlakota.
January 29, 2014Unanimous.

20138 statements

December 18, 20131 member voted against: Eric S. Rosengren.
October 30, 20131 member voted against: Esther L. George.
September 18, 20131 member voted against: Esther L. George.
July 31, 20131 member voted against: Esther L. George.
June 19, 20132 members voted against: James Bullard, Esther L. George.
May 1, 20131 member voted against: Esther L. George.
March 20, 20131 member voted against: Esther L. George.
January 30, 20131 member voted against: Esther L. George.

20128 statements

December 12, 20121 member voted against: Jeffrey M. Lacker.
October 24, 20121 member voted against: Jeffrey M. Lacker.
September 13, 20121 member voted against: Jeffrey M. Lacker.
August 1, 20121 member voted against: Jeffrey M. Lacker.
June 20, 20121 member voted against: Jeffrey M. Lacker.
April 25, 20121 member voted against: Jeffrey M. Lacker.
March 13, 20121 member voted against: Jeffrey M. Lacker.
January 25, 20121 member voted against: Jeffrey M. Lacker.

20118 statements

December 13, 20111 member voted against: Charles L. Evans.
November 2, 20111 member voted against: Charles L. Evans.
September 21, 20113 members voted against: Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser.
August 9, 20113 members voted against: Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser.
June 22, 2011Unanimous.
April 27, 2011Unanimous.
March 15, 2011Unanimous.
January 26, 2011Unanimous.

20108 statements

December 14, 20101 member voted against: Thomas M. Hoenig.
November 3, 20101 member voted against: Thomas M. Hoenig.
September 21, 20101 member voted against: Thomas M. Hoenig.
August 10, 20101 member voted against: Thomas M. Hoenig.
June 23, 20101 member voted against: Thomas M. Hoenig.
April 28, 20101 member voted against: Thomas M. Hoenig.
March 16, 20101 member voted against: Thomas M. Hoenig.
January 27, 20101 member voted against: Thomas M. Hoenig.

20098 statements

December 16, 2009Unanimous.
November 4, 2009Unanimous.
September 23, 2009Unanimous.
August 12, 2009Unanimous.
June 24, 2009Unanimous.
April 29, 2009Unanimous.
March 18, 2009Unanimous.
January 28, 20091 member voted against: Jeffrey M. Lacker.

20089 statements

December 16, 2008Unanimous.
October 29, 2008Unanimous.
September 16, 2008Unanimous.
August 5, 20081 member voted against: Richard W. Fisher.
June 25, 20081 member voted against: Richard W. Fisher.
April 30, 20082 members voted against: Richard W. Fisher, Charles I. Plosser.
March 18, 20082 members voted against: Richard W. Fisher, Charles I. Plosser.
January 30, 20081 member voted against: Richard W. Fisher.
January 22, 2008unscheduled1 member voted against: William Poole.

20079 statements

December 11, 20071 member voted against: Eric S. Rosengren.
October 31, 20071 member voted against: Thomas M. Hoenig.
September 18, 2007Unanimous.
August 17, 2007unscheduledUnanimous.
August 7, 2007Unanimous.
June 28, 2007Unanimous.
May 9, 2007Unanimous.
March 21, 2007Unanimous.
January 31, 2007Unanimous.

20068 statements

December 12, 20061 member voted against: Jeffrey M. Lacker.
October 25, 20061 member voted against: Jeffrey M. Lacker.
September 20, 20061 member voted against: Jeffrey M. Lacker.
August 8, 20061 member voted against: Jeffrey M. Lacker.
June 29, 2006Unanimous.
May 10, 2006Unanimous.
March 28, 2006Unanimous.
January 31, 2006Unanimous.

The Fed’s text is shown in its original English and is not translated. This page only shows what changed in the text; it is not a reading of direction, tone or risk, and it is not part of the MVIE score. MVIE Pro is independent research and is not affiliated with the Federal Reserve.