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Fed Chair Jerome Powell. Photo: Mark Wilson/Getty Images

The fight over the future of monetary policy at the Fed sharpened publicly ahead of the upcoming meeting in September.

What's new: Boston Fed president Eric Rosengren made the case against another cut to U.S. interest rates while St. Louis Fed president James Bullard said he would be in favor of a 50 basis point cut.

  • Rosengren and Bullard, both voters on the Fed's rate-setting committee this year, have been vocal about holding opposite positions on the rate-cut debate since July.
  • But Tuesday's comments showed the two are moving further apart on their respective stances rather than coming together.

Why it matters: The Fed delivered the first non-unanimous rate decision of Chairman Jerome Powell's tenure in June, and in July it saw 2 dissenting votes.

  • The increasing polarity of opinions on the Fed does not bode well for a central bank facing an unprecedented era in monetary policy and worsening U.S. and global economic data.

The intrigue: Bank of America Merrill Lynch research analysts said in June they were anticipating as many as 3 dissenting votes at that month's meeting. There was only 1, but more could very well be coming.

  • With unemployment and retail sales data holding strong, but manufacturing and business sentiment data weakening, Powell could face increasing scrutiny from members of the Fed no matter which direction he looks to take with policy.

Go deeper: Federal Reserve may not have tools to counter trade war effects

Go deeper

Updated 2 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 7 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.