The Federal Open Market Committee will hold its first meeting of 2011 on Tuesday and Wednesday in an early test of the balance of power between voting members who support the current level of quantitative easing championed by Federal Reserve chairman Ben S. Bernanke and those who oppose it.

Federal Reserve Bank of Kansas City president Thomas Hoenig has rotated off the voting panel after repeatedly dissenting against what he regarded as excessive monetary accommodation last year as a voting member of the Fed’s policymaking FOMC.

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