Fed mouthpiece: Waller faces his first major decision—whether to reverse the Fed’s rate cuts last year

BlockBeats message: On July 13, “Fed’s megaphone” Nick Timiraos posted that last month, Worsh, as Chair of the Federal Reserve, presided over the first meeting of his tenure, during which the committee unanimously decided to keep interest rates unchanged. At the time, reaching consensus was easy because there was little appetite within the committee to take action. But over the next few weeks, keeping that consensus will become more difficult.

Some of Worsh’s colleagues are growing more concerned about inflation, and they may push for discussions about rate hikes when the Federal Reserve holds its meeting on July 28 to 29. During his testimony before Congress this week, Worsh will have an opportunity to guide the formation of this consensus. At that time, he will have access to the latest June inflation data—also the final set of key data released ahead of the meeting.