Nick Timiraos writes that last month the Fed chair presided over their first
in-office meeting, where the committee unanimously left rates unchanged.
Consensus was initially easy because few members wanted to act, but Timiraos
says sustaining it will be harder as some colleagues grow more concerned about
inf and may push to discuss hikes at the Fed’s July 28-29 meeting. The chair
will have an opportunity to shape consensus during this congressional testimony
week and will possess the June inf print — the last major data before the
meeting.
