It hasn't been an easy start to 2025 for Jerome Powell. Unfortunately for the Fed chair, the second half of the year is likely to be even tougher.

By stubbornly refusing to lower interest rates despite ample data urging him to do so, Fed Chairman Jerome Powell is committing his third major policy blunder in six years. If he continues this tight-money path through the July 29 Fed meeting, “Too Late” Powell will go down as the worst Fed chair in history.