Federal Reserve

As tariff policy starts to be implemented, the Committee seems to be coalescing on a view that they'd like to look through tariffs if they result in a one-off increase in prices, but are concerned about the possibility of long-term expectations becoming unanchored.

The calls for patience continue, especially with tariff uncertainty.

This week, FOMC members across the spectrum cited policy uncertainty, especially around tariffs, as a reason for putting any further rate cuts on hold.

We only heard from Goolsbee and Bowman after this week's FOMC meeting, but both the hawk and dove agree that the lack of policy and economic uncertainty from the new Administration's policy is going to make things difficult.

If you enjoy our content and would like to support our work, we offer a premium, high-frequency macro research service, Macro Suite. If you’re interested in gaining access, please feel free to reach out to us here for more information. What To Expect Very little. The Fed signaled a

In the last week of Fedspeak before the January blackout period, Waller continued to signal openness to more cuts in 2025 and optimism about the inflationary trajectory.

Waller supports more rate cuts, isn't worried about tariffs.

The further slowing we were worried about last month, particularly in the prime-age employment rate, did not materialize. This sets back expectations for earlier and more rate cuts this year, but it’s certainly a good report for anyone concerned about the left tail of labor market risk.

A light week of Fedspeak heading into the New Year.