Good day. Federal Reserve officials were more divided this summer over Jerome Powell’s push to lower interest rates than at any other time in his nearly two years at the helm, but the Fed leader managed to get policy makers on board for three rate cuts. Mr. Powell now is increasingly determined to meet—or even exceed—the central bank’s goal of 2% inflation. Also in today’s newsletter, we remember Paul Volcker, the former Fed chairman who took bold steps to defeat soaring inflation in the 1980s and who helped oversee the U.S. financial system in various other roles over several decades. Mr. Volcker died Sunday at 92.
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