#FOMCMeeting Officials of the Federal Reserve were in a communication "blackout" during the last week leading up to the meeting, but before going silent, members of the Federal Open Market Committee stated that they wanted to see how the economy responds to Trump's tariffs before taking any political action.

Tariffs pose a double threat to the Federal Reserve's dual mandate to maintain low inflation and high employment: not only can import taxes raise prices, but they could also harm the economy, potentially increasing unemployment. If inflation proves to be a greater threat, the Federal Reserve may keep interest rates high for a long time, or alternatively, may lower rates to save the economy if the labor market begins to collapse.