The FOMC basically said that the risk of stagflation rose. There is also upside risk to inflation and unemployment. Normally that would be big news, but just ahead of the 2pm FOMC release, the President is quoted as saying that there is no potential to reduce tariffs on China. China should also reassess who asked for the meeting. Now that everyone has read The Art of the Deal and knows about maximum leverage, etc., this is getting painful. Is this “art of the deal” strategy designed to take back the “leverage?” Or is he serious? Maybe we have so many ... Trump Trumps the Fed