The Fed Is Trapped in Groupthink About Tariffs
If you were wondering how Federal Reserve officials view Donald Trump’s tariff plans, the latest Federal Open Market Committee (FOMC) minutes make one thing perfectly clear: they all think tariffs are inflationary . That view is not up for debate inside the Eccles Building. Every participant who spoke about tariffs at the June meeting assumed they would push prices higher, with no dissenters and no counterpoint.
The debate wasn’t over whether tariffs would raise prices, but how much, how fast, and how long the effect would last. Some officials suggested the impact might be modest or…
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