The Fed Gets a Tariff Jolt
The Federal Open Market Committee offered no policy surprises Wednesday, but it did offer a new note of caution in its economic forecasts: President Trump's tariffs are producing a mild stagflation.
The policy decisions were to leave the target Fed funds rate unchanged at 4.25-4.5% and maintain the current pace of quantitative tightening. But all eyes were on the latest batch of quarterly economic projections—the famous dot plots—to see where policy makers think the economy may be headed. In short, they think growth will be slower and inflation higher.
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