Fed funds may remain on hold, but the media tone of commentary on the Fed remains dovish. Ironically, given speculation on his tenure, the tone of media articles on Chair Powell are on average still more dovish than the Fed as a whole. At key pivot points in September 2021 and again mid-2024, the tone of Powell’s commentary appeared to move before the rest of the committee. But, so far in 2025, Powell’s tone is yet to influence the rest of the committee, who remain more cautious.
