As tariff policy starts to be implemented, the Committee seems to be coalescing on a view that they'd like to look through tariffs if they result in a one-off increase in prices, but are concerned about the possibility of long-term expectations becoming unanchored.
The calls for patience continue, especially with tariff uncertainty.
This week, FOMC members across the spectrum cited policy uncertainty, especially around tariffs, as a reason for putting any further rate cuts on hold.
We only heard from Goolsbee and Bowman after this week's FOMC meeting, but both the hawk and dove agree that the lack of policy and economic uncertainty from the new Administration's policy is going to make things difficult.
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