The Fed hawks are battling the doves — and then there’s Stephen Miran

The Federal Open Market Committee’s September meeting came just a day short of the first anniversary of the Federal Reserve’s last rate cut — a fitting backdrop for the central bank’s decision to resume easing.

While the main outcomes last week were broadly as anticipated — a quarter-point cut, upgraded GDP projections in recognition of economic resilience and a continuation of the slow, steady pace of quantitative tightening — a deeper dive into the Fed’s published expectations and the press conference reveal a voting body with notable differences in perspectives.