But that’s not what they’re saying on the floor of the Chicago Mercantile Exchange, which is where CNBC found its “Fed watchers.” Said CNBC’s Rick Santelli yesterday: “You know, initially the talk [at the Exchange] was that probably as vice-chairman, not getting picked to succeed Mr. Greenspan might have put the notion that once the transition was carried through, that [Ferguson] would probably leave … [T]his is what traders were discussing, But as the day wore on, the newer story seemed to be that … there may have been a disagreement regarding targeting certain levels of inflation… so there may be more to this than just the notion that as vice-chairman he didn’t get picked to be the chairman, but no matter how you slice it, traders agree he did it in a very classy fashion, of course, waiting until a month after Mr. Bernanke was appointed.”

The (admittedly tortured) moral of this (admittedly long-winded) story? Harmony (or lack thereof) at the Federal Reserve is in the eye of the “Fed watcher.”

Liz Cox Barrett is a writer at CJR.