#FOMCMeeting The Federal Reserve officials were in a communication "blackout" during the last week before the meeting, but before going silent, the 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 pose a double threat to the Federal Reserve's dual mandate of maintaining low inflation and high employment: not only can import taxes increase prices, but they can also harm the economy, potentially raising unemployment. If inflation turns out 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 begins to crumble.