On April 23rd, Federal Reserve official Kashkari stated that Fed policymakers are making the best decisions they can based on data, which is the meaning of independence. Tariffs have at least to some extent caused inflation and slowed down economic growth. The responsibility of the Federal Reserve is to ensure that tariffs do not lead to long-term inflation. The rise in bond yields and the decline in the US dollar indicate that global investors have adjusted their investment preferences. With the elimination of trade uncertainty, all of this could quickly change.
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