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.

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Why it matters: The Trump administration is engaged in a full-court press to reopen schools this fall, despite warnings from some public health officials that the coronavirus outbreak is out of control in many states and that it will be difficult for many schools to reopen safely.

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Why it matters: President Trump said in June that the U.S. "won't be closing down the country again" — a view shared by many Republicans who believe that the economic damage caused by stay-at-home orders was too great to justify a second round of lockdowns.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 a.m. ET: 12,740,971 — Total deaths: 565,716 — Total recoveries — 7,022,846Map.
  2. U.S.: Total confirmed cases as of 8:30 a.m. ET: 3,247,782 — Total deaths: 134,815 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. Public health: Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  5. States: Louisiana governor issues face mask mandate.
  6. World: India reimposes lockdowns as coronavirus cases soar.