Rate Cuts Still Possible: Two cuts in 2025 are projected, but not guaranteed — depends on inflation and growth.

⚠️ Tariff Impact: Upcoming import tariffs could cause a “meaningful increase” in inflation.

📉 Economic Forecasts Lowered: 2025 GDP growth cut to 1.4%, inflation seen at 3%, unemployment rising to 4.5%.

📉 Patience Over Haste: Powell emphasized waiting “a couple of months” for clearer data before any policy shift.