Let Them Hold Rates—The Real Fight Is Just Beginning

Dissent is brewing, the data is cracking, and Powell is walking into a political minefield.

There’s no drama about what the Fed is expected to do this week—rates are staying put. Markets are pricing it in, 105 out of 105 economists in the Reuters survey agree, and Powell hasn’t given us any reason to expect otherwise. The drama is in what comes next—and whether dissent inside the Fed starts breaking out into public view.

🔥 A 1993-Style Revolt?

…