The economy faces elevated risks, including trade disruptions and geopolitical concerns. But overall, the economy is close to where many policymakers expected it would be, with the U.S. at full employment and inflation trending toward the Fed’s target. Excerpt: “Overall, then, the economy has evolved about as expected, despite the unanticipated increase in tariffs and the slower growth of exports and business fixed investment. Moreover, recent monetary policy easing is likely to provide some stimulus over the next several quarters. … In sum, the U.S. economy is now very close to meeting the Fed’s Congressional ... (full story)