So far, President Donald Trump’s tariff policies haven’t induced quite the jump in prices that many of us feared. The latest inflation data was softer than anticipated and has locked in expectations for a couple of Federal Reserve interest rate cuts to close out 2025. But inflation is far from dead, and the labor market is far from collapsing — policymakers would be wise to proceed cautiously.
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Good-But-Not-Great Inflation Data Should Keep the Fed Cautious
