“The chair always has enormous power,” said Mark Spindel, founder of Potomac River Capital and co-author of a book on the Fed and Congress. “There is a clear success story in Powell’s ability to get all but Bowman on board, and he is a more ...

Fed officials are betting that a slow-and-steady series of rate declines will keep the economy humming and inflation in check.

Federal Reserve Chair Jerome Powell said on Wednesday still strong levels of liquidity in the financial system will allow the central bank to press forward with shrinking its balance sheet even as it has begun cutting rates.