Kudos to Fed board members Stephen Miran and Chris Waller for dissenting at today’s Open Market Committee meeting. What we have is a productivity-led economy, and it’s counter inflationary, but the Fed under Chairman Jay Powell won’t acknowledge this. Meanwhile, for months and months, Mr. Powell obsessed about tariff inflation, but so far none of it materialized. Goods prices, both core and top line, both 12 and 3 months, are lower than the Fed’s 2 percent target rate, but Mr. Powell no longer talks about that either. Please, Mr. Trump, make your Fed choice truly transformational.