The Fed appears largely split between "those who believe the global situation is going to keep slowing the U.S. economy and threaten to unleash disinflation versus those who view the world as background noise and focus on domestic variables," said Steven Blitz, chief U.S. economist at TS Lombard.
While Mr. Powell is in the former camp, that group of officials has been unable so far to sway their colleagues " from a well-worn position that historically kept the Fed too tight for too long," Mr. Blitz said.
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