Governing Council members began their deliberations by discussing global economic developments since the July Monetary Policy Report. The impact of US protectionism on major economies around the world had become clearer. Trade flows had begun to shift, and ongoing trade uncertainty had weighed on investment in most advanced economies. Even so, global growth was resilient but was expected to slow over the next two years. Economic growth in the United States remained strong even with higher tariffs on imports. Members attributed much of this strength to the boom in artificial intelligence (AI) investment. US consumer ... (full story)