The Federal Reserve is expected to maintain current interest rates through the first half of 2025 before implementing two rate cuts beginning in September, according to a Bloomberg News survey of economists. President Trump’s trade policies have created uncertainty, causing economists to lower growth forecasts while raising inflation projections. New tariffs on major trading partners like China, Canada, and Mexico have unsettled financial markets and raised concerns about potential stagflation—a combination of slowing economic growth and persistent inflation.

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How Warsh’s Inflation Measure Could Move the Gold Price
The incoming Fed Chair wants to change how inflation is measured. That single shift — from core PCE to trimmed mean — could reopen the path to rate cuts and compress the real yields that drive gold.




