Derby’s Take: Fed Down Two Hawks as Regional Bank Presidents Depart

The number of Federal Reserve policy makers has dropped from 18 to 16, with potential implications for how the central bank communicates future policy changes.

On Friday, Federal Reserve Bank of Dallas President Robert Kaplan booked his last day leading the bank in a tenure stretching back to 2015. His exit follows the Sept. 30 accelerated retirement of Boston Fed leader Eric Rosengren, which was tied, officially, to health issues.

Both…