The third quarter opened with the Federal Reserve’s first expected rate cut sliding further into 2027 and an economy warming at the top line while the workers inside it felt

The last letter called the September meeting a coin toss and declined to flip it. The committee flipped it, unanimously, with a quarter-point hike delivered less because the economy was

The last letter closed on a wager: a chair who had tightened by talking had bought himself time, and the September data would show what he bought it for. The

The last letter left two questions hanging: what the July minutes would reveal about a committee that had argued its way to a hold, and whether the summer calm in