$SOL Analysis: Powell Still Firmly in Control of the Fed

16 minutes ago

September 22nd: Before last week's interest rate meeting, certain Wall Street insiders had expected a more profound division within the Federal Reserve. Nevertheless, contrary to expectations, after Governors Waller and Bowman voted against at the previous meeting, they decided to align with their colleagues this time, resulting in Trump's appointee Shelton being the sole dissenter in an 11 - 1 vote. Former New York Fed President Dudley stated, "Powell still maintains firm control over the Fed. Those officials inclined to keep rates unchanged adhered to the Fed Chair's opinion and agreed to a rate cut. Even Trump-appointed Bowman and Waller rejected a larger rate cut as requested by Trump. Their actions showcased integrity, a commitment to the Fed's mission, and the significance of upholding central bank independence." Susan Hill, the Head of Liquidity at Federated Hermes, said that despite the continuous pressure from the White House, "at least for the present moment, most people seem to be standing by Powell's side, and I am confident that this partly explains why he appeared so calm and confident during the press conference." Powell, whose term as Chair expires in May of next year, also delivered a forceful rebuke to Trump's appointee Shelton and the White House in his post-meeting speech. When asked if there was any consideration for a 50 - basis - point rate cut internally, Powell said, "There simply is not broad support for that