I think Janet might give JPOW some leash on the honesty front pretty soon. Right now he is completely censored and hasn't said a peep about either fiscal policy or illegal immigration effects (he is self censoring but I'm sure there is a ton of pressure in an election year). Anyway, I think Janet might green light some honesty just to get closer to a rate cut.  Higher rates are not helping curb inflation  and JPOW can't control it at this point....we're in fiscal dominance phase.  He can tiptoe around that point to some middle ground if Janet allows.

The hard part about changing courses is that Congress and the Admin are very happy being able to point fingers at the Fed when people complain about inflation. Just a couple of weeks ago, the deputy Treasury sec said "Inflation is completely under the Fed's purvue, but I think they are doing a good job overall."  He was VERY quick to make sure the CNBC audience was pointing the finger at the Fed and not the fiscal side.