With the latest episode in the destructive US debt ceiling farce now over – once again underscoring the country’s lack of fiscal policy and extreme Congressional dysfunction – the financial commentariat can turn to its other favourite pastime: hyperventilating about Federal Open Market Committee actions. As the 13-14 June FOMC meeting approaches, the Federal Reserve is facing a dilemma. Two teams are advocating for opposing outcomes. One team believes another federal funds rate hike should be skipped this month. This team importantly appears to include Jerome Powell, Federal Reserve chair, Philip Jefferson, vice ... (full story)