Drama Unfolding On, "As the Fed Turns"

My new favorite daytime financial drama is called, “As the Fed Turns,” starring Jerome Powell with his Fed members as the supporting cast.

In a recent episode, Fed Chair Powell made it clear he’s taking a wait-and-see approach to changing short-term interest rates. 

 “We’re just trying to be careful and cautious (before adjusting rates),” said Powell when he testified to Congress in late June. “We really think that’s the best thing we can do for the people that we serve.”

Meanwhile, several Fed governors appear to be suggesting a different approach.

Governors Michelle Bowman and Christopher Waller said they believe the Fed should consider an adjustment at its July meeting. A short time later, Chicago Fed President Austan Goolsbee said if inflation continues to cool that would help open the door to a rate cut. 

The next official episode of “As the Fed Turns” will be released on July 30, when the Fed concludes its two-day policy meeting.

Also, be on the lookout for the special episode on August 21-23, when the Fed holds its annual economic policy symposium in Jackson Hole, Wyoming. 

^{CNBC.com, June 24, 2025. “Powell emphasizes Fed’s obligation to prevent ‘ongoing inflation problem’ despite Trump criticism.”}

^{CNBC.com, June 25, 2025 “Fed Governor Bowman favors July interest rate cut if inflation stays low.”}

^{Reuters.com, June 25, 2025. “Fed's Goolsbee still looking for data inflation is cooling.”}