#FOMCMeeting Federal Reserve officials were in a communication "blackout" during the last week before the meeting, but before going silent, members of the Federal Open Market Committee said they wanted to see how the economy would react to Trump's tariffs before taking any policy action.

The tariffs represent a double threat to the Federal Reserve's dual mandate to maintain low inflation and high employment: not only can import taxes increase prices, but they can also harm the economy, potentially raising unemployment. If inflation proves to be a greater threat, the Federal Reserve may keep interest rates high for a long time, or alternatively, it may lower rates to save the economy if the labor market starts to crumble.