Federal Reserve faces dissent amid leadership change

David Scutt examines Fed’s interest rate decision, inflation, energy prices, and tech earnings

The Federal Reserve has held interest rates steady, but the decision has exposed the highest level of internal dissent since 1992, highlighting growing divisions among policymakers as they wrestle with persistent inflation, shifting global energy prices, and uncertainty around future leadership.

David Scutt from StoneX explains what is driving the split inside the Fed, what it signals for Jerome Powell’s tenure, and how officials are weighing their next move in a fragile economic environment.

At the same time, global markets are being reshaped by a wave of blockbuster earnings from Alphabet, Microsoft, Meta, and Amazon, reinforcing the strength of Big Tech and fuelling investor debate over whether the rally can continue.

The results point to resilient digital advertising, accelerating AI investment, and sustained cloud growth, even as broader economic risks remain in focus.

Meanwhile, in Australia, inflation has come in softer than expected, surprising markets and shifting expectations for interest rate policy.

The data has eased some pressure on households and raised fresh questions about the Reserve Bank of Australia’s next steps as policymakers balance growth concerns with lingering price pressures.

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