Mike McKee

Even when inflation was low, he wasn't ready to cut interest rates.

And obviously, that's completely contrary to what President Trump wants.

So how does he handle that?

And how does he see the role of interest rates in keeping the economy afloat and bringing inflation down?

They do rise to 209,000 last week, but that's still a very, very low number.

Now, we should point out, you've heard a lot about

layoffs the last 48 hours or so, including more today from Dow, those will show up as jobless claims until those people's severance runs out.

So we wouldn't expect the numbers that we've heard this week to suddenly show up.

They do rise to 209,000 last week, but that's still a very, very low number.

Now, we should point out, you've heard a lot about layoffs the last 48 hours or so, including more today from Dow.

Those won't show up as jobless claims until those people's severance runs out.

So we wouldn't expect the numbers that we've heard this week to suddenly show up.

The battle between Jay Powell and Donald Trump

seems more and more irrelevant I think to Wall Street because it's not really a question of whether Powell will do something in the two three months he has left it is what is the new person going to do and what are they going to be able to do.

Well, pretty much as expected, John, no change in rates and the Fed leaves open the option of cutting rates in the future.

Stephen Myron and Chris Waller dissent in favor of a rate cut.

Michelle Bowman does not.

Waller's dissent, of course, could be read as an effort to retain his place as a finalist to replace Jay Powell later this year.

The statement keeps the line about considering the extent and timing of additional adjustments to the target range, suggesting more rate cuts are possible.

There's no hint, however, of what that would lead them to do that or when.