12/15/2025
By Charles Payne, CEO & Principal Analyst

Powell Kicking and Screaming

The FOMC laid out its latest Summary of Economic Projections (SEP), and it seems like an ode to a victory lap. On one hand, it’s a “mission accomplished” moment for Powell & Company, as it suggests the economy will surge next year, unemployment will stall, and inflation will decline.

However, when pressed on all the factors at play, Powell ignored the impact of the “Big Beautiful Bill”
 and lower taxes.

Nevertheless, Powell is still somewhat fixated on tariffs and inflation.

More problematic is that the FOMC sees the economic growth slowing in 2027 and 2028, even as the unemployment rate and inflation ease up.

Meanwhile, there is real dissension within the Federal Reserve, and I think it’s more political than differences about the economy and polciy tools.

Dissent

Dissent is welcome in our society, and to a degree, a reasonable dissent at the Federal Reserve. Still, I’m worried it might be politically driven, and policy decisions could be made to derail the White House's goals, rather than to attend to the dual mandate.

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Charles Payne
Wall Street Strategies

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