We’re beginning to see some effects. We expect to see more.

One of the reasons for why economic growth looks sluggish this year.

It would be inappropriate for us to comment on the policy of tariffs.

Policy changes continue to evolve, and their effects on the economy remain uncertain.

increases in tariffs this year are likely to push up prices and weigh on economic activity

The threat of worsening inflation, plus the uncertainty Trump has generated through his trade war and immigration policies, are causing the Fed to adopt a wait-and-see approach.

I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.

For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments

What's tended to happen is when there's turmoil in the Middle East, you may see a spike in energy prices.

Many, many companies do expect to put all or — some of the effect of tariffs through to the next person in the chain, and ultimately, to the consumer.

We do expect to see more of that over the course of the summer.

America’s economy has been resilient. Part of that is our stance. We think we’re in a good place on that, to respond to significant economic developments.