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Photo: Eric Piermont/AFP/Getty Images

In one of his final speeches before a big policy meeting this month, Fed Chair Jerome Powell gave another hint that a rate cut is coming and stressed the importance of communicating frankly with the public.

Why it matters: The financial markets may have backed Powell into a corner to cut interest rates, but these days Main Street has his ear, too.

  • In a novel series of public forums held the past few months, community leaders across the country have told Fed officials about the unevenness of the economic recovery.
  • Since the latest "Fed Listens" event in Chicago, Powell has referenced this grassroots feedback in nearly every single public appearance to underscore the importance of extending the record-long economic recovery.

What he's saying:

Gone are the days when the Federal Reserve Chair could joke, as my predecessor Alan Greenspan did, "If I turn out to be particularly clear, you've probably misunderstood what I said." Central banks must speak to Main Street, as well as Wall Street, in ways we have not in the past, and Main Street is listening and engaged.
— Powell's speech Tuesday at G7 Bretton Woods in Paris

The big picture: Powell, who is more plainspoken than his predecessors, has emphasized the importance of forthright communication since he took the helm of the Fed. He has doubled the number of post-policy meeting press conferences, and, under his direction, the Fed is for the first time publicly reviewing the way it communicates — among other things — to carry out its mandates.

  • Powell has picked up on "the strong sense of transparency" carried out by Janet Yellen and Ben Bernanke, former Fed economist Jeffrey Bergstrand tells Axios.
  • Yes, but: Powell hasn’t been without his own communication missteps. He "gives a little bit more color than his predecessors, and sometimes that can be risky," says Michael Reynolds of investment management firm Glenmede Trust. "There were slip-ups like, 'we're a long way from neutral.'"

The bottom line: In the midst of the longest expansion on record, the central bank is about to make a move that is normally done only in dire economic situations. This will leave the Fed with less flexibility if a recession does come — setting up a situation in which communication is more important than ever.

  • "Powell has done a good job conveying they are pursuing a little bit of insurance," says Bergstrand.

Go deeper: The case for a Fed rate cut

Go deeper

Biden rejects Trump's latest executive privilege claims

Photo: Jim Watson and Saul Loeb/AFP via Getty Images

The White House on Monday rejected two more of former President Trump's claims of executive privilege over documents that the House select committee investigating the Jan. 6 Capitol riot requested, CNN first reported.

Why it matters: Trump's legal team is seeking to block some of the panel's requests for records by invoking executive privilege, which can allow presidents and their aides to sidestep congressional scrutiny. The Biden administration has maintained that it will evaluate on a case-by-case basis.

Amazon warehouse workers in New York file petition to hold unionization vote

Amazon workers and their supporters rally outside the National Labor Relations Board's regional office in Brooklyn, New York City, after filing a petition requesting an election to form a union. Photo: Gabby Jones/Bloomberg via Getty Images

Amazon warehouse workers in New York City filed a petition on Monday with the National Labor Relations Board (NLRB) to hold a vote on unionization.

Why it matters: The move comes six months after an organizing effort was defeated at Amazon's distribution center in Alabama.

Updated 3 hours ago - World

U.S. freezes aid to Sudan over military coup

Protesting the coup in Khartoum. Photo: AFP via Getty

The Biden administration froze a $700 million aid package to Sudan after a military coup on Monday threatened to end the country's transition toward democracy.

Driving the news: At least three protesters have been killed and dozens wounded in the chaotic scenes that followed the announcements from Gen. Abdel Fattah al-Burhan, the head of Sudan's ruling council, dissolving the government and declaring a state of emergency.

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