The big surprise from Wednesday's Federal Reserve policy meeting was chair Jerome Powell's repeated efforts to throw cold water on expectations that another rate cut is a sure thing by year-end — a reflection of an increasingly vocal, and frustrated, contingent of monetary hawks.
Why it matters: So much attention has been paid to the push to lower rates, advanced by President Trump appointees and eventually embraced by Powell himself, that it's easy to overlook how deeply worried a contingent of policymakers remain about still-elevated inflation.
