FOMC officials on both ends of the spectrum voted against the move, as both inflation and unemployment are higher than the Fed wants them to be.

“There’s a deep tension in President Trump’s message that the economy is booming, but that we simultaneously need multiple points of rate cuts.”

Analysts worry that if the Fed cut rates to reduce government debt payments and then inflation reignited, bringing prices back under control again “might require a painful recession—which would lower nominal incomes and tax revenue, further aggravating the fiscal situation.”

Pressure on immediate-term cash flows has eased somewhat, but planning for the future is as murky as ever.

“Immigration was an important driver of the labor market rebalancing [after the Covid-19 pandemic]. Reduced immigration could therefore fuel renewed inflationary pressures.”

Various policies from President Trump are creating economic shocks. “If you were to design something that is really quite negative for the economy, this is it.”

Here's some context on his most notable comments about his economic policies.

Wharton professor points out synergies in the "triangle of immigration, investment, and jobs."