Stuart Paul

Earlier this week, we saw Senator Tom Tillis, one of the members of the Senate Banking Committee.

say that he would not consider any nomination to the Fed from the president until the entire DOJ probe of Chairman Powell and the Federal Reserve is brought to a conclusion.

Now, Tillis is an important member of the Senate Banking Committee.

He's not running for reelection in 2026, so he gets to assert a little bit more legislative independence and a little bit more oversight independence.

And if he refuses to vote for any Trump nominee, you cannot get any nominee through the Senate Banking Committee into the floor of the Senate.

Earlier this week, we saw Senator Tom Tillis, one of the members of the Senate Banking Committee.

say that he would not consider any nomination to the Fed from the president until the entire DOJ probe of Chairman Powell and the Federal Reserve is brought to a conclusion.

Now, Tillis is an important member of the Senate Banking Committee.

He's not running for reelection in 2026, so he gets to assert a little bit more legislative independence and a little bit more oversight independence.

And if he refuses to vote for any Trump nominee, you cannot get any nominee through the Senate Banking Committee into the floor of the Senate.

As we read through the minutes and as we think about the data that we have seen,

Everything basically points to an incremental move toward monetary policy getting a little bit less restrictive and a little bit of additional comfort in the balance of risk shifting towards cooling employment.

And I think that Powell is going to need to acknowledge that.