President Donald Trump has kept up his drumbeat of criticism against Federal Reserve Chairman Jerome Powell for refusing to cut interest rates despite months of public badgering. The tension inside the Fed has now spilled into the open. At the July Federal Open Market Committee meeting, two Governors dissented — the first time since 1993 that more than one Governor has broken ranks at the same meeting. That rare dissent alone pushed markets to price in a near-certainty of a rate cut in September. Then came Tuesday’s consumer price report for July. The headline: year-on-year inflation stayed at 2.7%, exactly the same ... (full story)