“Someone Has to Pay”: Powell’s Tariff Clock Is Ticking

The Fed’s Divided House of Cards Federal Reserve chairman Jerome Powell stepped up to the mic today, exuding his usual “everything’s under control” vibe. But beneath the bland veneer, the Fed is clearly flying blind in a storm of its own making. Powell says the "economic uncertainty has receded"—translation: the smoke from the last fire is clearing, just in time to spark a new one. The Fed’s latest projections reveal a house divided. Ten officials are gunning for at least two rate cuts by year’s end, while a nearly equal number are holding the line—no cuts at all. Powell himself admitted it’s all basically guesswork: “No one holds these rate paths with a lot of conviction.” Tariffs: The Hidden Tax…