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The first major decision facing Wossh: whether to reverse last year’s Federal Reserve rate-cut actions

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Golden Finance reported that on July 13, an article by “the Fed’s megaphone” Nick Timiraos said that last month, Wossh, as the Fed chair, presided over the first meeting of his tenure. At that meeting, the committee unanimously decided to keep interest rates unchanged. Back then, reaching consensus was easy because there was hardly any willingness within the committee to take action. But over the next few weeks, maintaining that consensus would become more difficult. Some of his colleagues’ concerns about inflation have intensified, and they may push for discussion of rate hikes when the Fed holds a meeting on July 28–29. When Wossh testifies before Congress this week, he will have an opportunity to help shape this consensus. At the time, he will have the latest June inflation data—also the final batch of major data to be released before the meeting. (Jin Ten)
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