I will say, though, it feels like we don’t need to be in a hurry.
While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected.
It is not permitted under the law for the president to fire or demote him or any of the other Fed governors with leadership positions.
I do think with the arrival of the tariff inflation, further progress may be delayed.
I wouldn’t say we’re in a situation that’s remotely comparable to that is likely.
They’re unhappy and they’re not wrong to be unhappy that prices went up quite a bit and they’re paying a lot for those things.
And I completely understand and accept that.
the Fed's understandably cautious stance also opens the door for the Committee to be late to the party
It’s a pretty good economy.
Progress is probably delayed for the time being.
Clearly some of it, a good part of it, is coming from tariffs.