In just a few short weeks, the fixed-income market’s expectations for monetary policy have done a virtual about-face. This is not to say that investors are fickle. Some of this change in sentiment is data driven; some is Trump administration officials’ cajoling; and some is Federal Reserve Board chairman Jay Powell’s comments in Jackson Hole, Wyoming on August 22. Regardless, market indicators have shifted from zero or one rate cuts for the rest of 2025, to as many as four.

Every great leader has a moment when they’re called to step up—to lead with clarity, purpose, and excellence. For the next generation of community bank leaders, that moment is now.

While the financial services industry continues to rapidly evolve, banking policy often struggles to keep up or suffers from ill-considered changes that miss the mark.