FED FINAGLING

Powell’s last Fed meeting as Chair was notable for four dissents, most since 1992. Miran, a Trump appointee there to hold incoming chair Warsh’s seat, as usual wanted a cut, but three bank presidents objected to any “easing bias” suggesting they want no near-term rate cut talk. Moreover, Powell will remain on the Fed board. Warsh will quickly disappoint Trump and find he has limited sway over Fed Board voters.