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Fed drama in 2025 will come to a head in 2026
You just don’t see a lot of drama in the Federal Reserve. In normal times, that is. But 2025 wasn’t normal. That is: normal in the way that, say, 2023 and 2024 were normal. In 2025, Donald Trump started a new term as president. He promptly started jacking up tariff rates with such ferocity that the Standard & Poor’s 500 Index fell 10.5% in two days. (And rebounded more than 42% to the end of the year.) He sent out government employees to detain and deport undocumented workers. (The goal is 1 million in 2026) He made massive cuts in the federal workforce. He bombed Iran and started to attack suspected narco ... (full story)
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