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Episode 4 of FOMC Season 2019 airs this afternoon (2:00 p.m. ET) and it looks like the Fed is backed into a corner. A failure now to suggest a rate cut later this year - or a pivot back to even a neutral stance - could cause a violent selloff by markets, but if Jerome Powell does flag the plans, he will be accused of caving to President Trump, who has been relentless in excoriating the Fed and demanded that it reverse rate hikes made last year. More drama? Asked by reporters outside the White House yesterday if he wanted to demote Powell, Trump said "let's see what he does."