The Federal Reserve’s policy setup is “bullish for bonds, bearish for the dollar, and neutral for equities in the near term," according to TIAA Wealth Management’s chief investment officer.

With markets convinced of a Fed rate cut, Powell must navigate divisions inside the FOMC over inflation, tariffs, and jobs data.

The Federal Reserve lowered rates by a quarter point, but Stephen Miran, a Trump appointee who joined the board this week, voted for a bigger cut. Balancing persistent inflation…