Powell ‘holds the key’ to the next Fed rate move as divided policymakers will likely fail to reach a consensus again, JPMorgan says

(Credit: David Paul Morris—Bloomberg/Getty Images)

• Federal Reserve Chair Jerome Powell opened the door to a rate cut at the central bank’s meeting in September after months of maintaining a more hawkish stance, stoking a furious rally on Wall Street. But don’t expect a unanimous decision among policymakers, and Powell may be the decisive factor, according to JPMorgan.

A consensus view on Wall Street for a rate cut next month doesn’t mean there will be a consensus at the Federal Reserve, as policymakers still appear divided.