Fed Stays the Course as Divisions Creep In
US Federal Reserve officials continued to pencil in two interest-rate cuts in 2025, though new projections showed a growing divide among policymakers over the trajectory for borrowing costs as the shockwaves from Donald Trump's tariffs make their way through the US economy. Seven officials now foresee no rate cuts this year, compared with four in March, and two others pointed to one cut.
At the same time, 10 officials expect it will be appropriate to lower rates at least twice before the end of 2025. Fed officials and economists broadly expect the president's expanded use of tariffs—most of which are the subject of litigation as potentially illegal—to weigh on economic activity and put upward pressure on prices if they remain in place. Add to that a proposed bill in Congress that could add $3.4 trillion to the national debt, and nervousness in the near term is likely to remain.
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