Fed, injured Senator and McConnell threat

Fed Chair Powell spoke this past week at the European Central Bank Forum and he repeated his view that fighting inflation is the Fed’s highest priority to prevent an era of persistently high inflation.  However, he continues to express his view that while a soft landing may be tough, it isn’t impossible.

Look for renewed focus on the Fed next week when on Wednesday they release the minutes from the June FOMC meeting.

Why would an injured Senator make my headline?  Senator Schumer has been in long-running talks with West Virginia Senator Joe Manchin to put together a Reconciliation Bill package that would advance several Democratic priorities.  The hope of the Democratic leadership is to get a bill passed in July in order to give some real accomplishments for Democrats to talk about when they go home for the August break. With a 50/50 Senate this bill will not get a single Republican vote so it will require a YES vote from all 50 Democratic Senators.  Thursday night Vermont Senator Patrick Leahy, the oldest Senator at 82, fell and broke his hip.  The Senator required a hip replacement and no partisan vote can occur until he returns.

Schumer’s plan is to use the unfinished Budget Reconciliation Bill to get the program passed.  At this point the pack...
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