The FOMC has 7 publicly-appointed members (by the US Senate and US President) and 5 private members (by the banks, out of the 12 Federal Reserve banks). Thus, the majority of monetary policy decisions are always public, by design. Private banks hold the capital but public representation controls the decisions.

And really, that fits the narrative better. The Federal Reserve, like most central banks, is a branch of centralized government. It's a separate branch, but it's a branch.

But yes, sometimes I look up at the sky and wonder why I write Nostr posts about the Federal Reserve. Good evening, sir.