It is the start of a new year, but for Jerome Powell, it is nearly the end of his eight-year run as Chair of the Federal Reserve. The broader FOMC has been divided in recent months about the appropriate stance of monetary policy, while the recent Department of Justice subpoenas to the central bank further increase the scrutiny and pressure on U.S. monetary policymakers. As we look to Powell's three remaining meetings as Chair, what do we expect from his final act? In short, we think one more 25 bps rate cut is coming before the end of Powell's term, with another 25 bps rate cut from the next Fed Chair this summer. ... (full story)