Not wrong... but it's clear that this is politically motivated because Trump is begging for cuts every single day. Should the Fed cut? There's justification for them to do so... But they're also captive to economic theory which suggests tariffs are inflationary, and we're seeing clear-cut data that inflation is reaccelerating again. The Fed is still dealing with PTSD from monetary policy mistakes of the 70's and they refuse to be caught in the headlights once again. It's understandable, imo. For us, as investors, we have to accept that the Fed is a conservative institution (and I don't mean in a political sense, but in terms of how fast they move). They make modest adjustments, on the margins, unless there is a calamity event or crisis worthy of a swift policy response. Right now, those conditions aren't present. In fact, most of the conditions seem to say "chill & pause". So that's exactly what they'll do, whether Trump likes it or not. Powell is gone next year (unfortunately). The last things he's going to do is jeopardize his reputation and tarnish it politically.