A lot of ink has been spilled on the economic and inflation outlook since President Trump shocked markets in April with a dramatic change in US trade policy. But while tariffs have increased and the outlook has become a guessing game, the Federal Reserve’s monetary policy has been a rock of stability and remained frozen. That’s not necessarily a positive, but for the moment it’s one of the few things that’s been reliably boring on the macro landscape. Fed funds futures continue to price in a high probability that the central bank will again leave its target unchanged at next week’s policy meeting. More of the same is ... (full story)