On the September FOMC

A rate cut that meets expectations, an unchanged FOMC statement, and three dissents – two hawkish and one dovish – that show the Fed more at sea than ever. For all the talk of “uncertainties” that Powell says have “heightened” since the July FOMC, the “dot plots” show no further cuts after today’s. There was no 50 bp “whisper number” for today, so no disappointment like July’s. But the disappointment is that Powell’s Fed always disappoints. It never gets ahead of the curve, never shows leadership. For all the FOMC’s talk of “uncertainties,” this is one of the worst.