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Fortune
Fortune
Eleanor Pringle

‘Masterful inactivity’ reigned at Fed’s latest meeting—but notes reveal more officials are coming around to Donald Trump’s way of thinking

Federal Reserve Chairman Jerome Powell (Credit: Kent Nishimura—Getty Images)
  • Analysis: Fed meeting minutes reveal growing divisions among policymakers, with several officials signaling openness to a rate cut this year amid modest inflation pressures and tariff uncertainties, while others favor maintaining the current stance. Analysts such as UBS’s Paul Donovan label this cautious approach “masterful inactivity,” underscoring the Fed’s internal debate amid lingering economic ambiguities.

President Trump may finally be gaining some allies in his battle to bring down the base rate, with recent Fed minutes showing opinion among Federal Open Market Committee (FOMC) members is beginning to diverge on the correct path forward.

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