in a fog

In a fog, standing still can feel like the safest move.

An end to the shutdown would also mean the resumption of government data, which could help Federal Reserve Chair Jerome Powell feel less like he’s driving in a “fog,” as he said recently, and more willing to step on the gas in terms of interest rate cuts.

“In a fog, you slow down, as Powell noted.”

“What do you do if you’re driving in a fog?” he asked during his press conference.

Appeared in the October 30, 2025, print edition as 'The Fed Is ‘Driving in a Fog’'.