The communications out of the Federal Reserve on Wednesday show the present and potential future of American monetary policy in vivid contrast.

The big picture: Current leaders of the central bank view the U.S. economy as in basically sound shape, experiencing some labor market softness that is nothing a few modest interest rate cuts can't solve. They emphasize sober consensus-building and moving gradually and predictably. • Barely two days into his time as a Fed governor, Trump appointee Stephen Miran wants a substantial resetting of rates lower. His past comments and writings also suggest an eagerness for much more sweeping change in the institution. • As the president installs other appointees at the Fed — including a new chair eight months from now — it is an early glimpse of majo

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