The Federal Open Market Committee held the overnight rate target steady yesterday while slowing the pace of its portfolio runoff. Fed Chairman Jay Powell once again reported that the U.S. economy is in a good place while pre-dismissing any future “tariff-inflation” as transitory. With the risk of recession “not high” and committee members still forecasting two rate cuts later this year, both stocks and bonds rallied. However, a number of noted economists expect a far less positive outcome.

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