Fed in wait-and-see mode around inflation, consumer impacts from tariffs

  • The Federal Reserve's minutes from its May FOMC meeting indicate that US central bank officials are growing concerned about the long-term inflation effects of President Trump's tariff policies. University of Chicago Professor of Economics Randall Kroszner discusses the policy uncertainty that Fed officials are still waiting for clarity on from the Trump administration, while also commenting on trends around inflation data, prices, and economic forecasts.