The only reason there is anxiety about what the Fed will or won't do is because they didn't finish the job in 23/24 when the economy was far stronger. Seems likely they will misdiagnose the current problems and abandon the mandate. Independence is unlikely to survive.

@stevehou0 And expectations which look unanchored. Now it looks embedded in behavior and left it vulnerable to new shocks like populist policies. Embedded in behavior is clear when you look at services PMIs prices paid that are mostly unaffected by tariffs.