"Federal Reserve's megaphone": The Fed's internal wind direction has changed, and the policy path has shifted from interest rate cuts to interest rate increases assessment

"Fed mouthpiece" Nick Timiraos wrote in the Wall Street Journal that the discussion within the Fed on the path of interest rates has shifted significantly. Currently, the main debate is no longer about when to restart interest rate cuts, but is beginning to discuss under what conditions it may be necessary to raise interest rates again. Since the Fed began issuing policy statements in 1994, disagreements on how to describe the direction of policy rather than changes in real interest rates have been rare. Three regional Fed presidents, including Dallas Fed Chairman LorieLogan and Minneapolis Fed Chairman Neel Kashkari, opposed continuing to retain the wording that "the next step is more likely to cut interest rates" at this week's interest-rate meeting, believing that the next interest rate adjustment may be either a rate increase or a rate cut. Outgoing Federal Reserve Chairman Powell said that the committee is gradually shifting from a "interest rate cut tendency" to a "neutral stance" and said that if interest rates need to be raised in the future, the Federal Reserve will first shift to neutrality before releasing a signal to raise interest rates.