The Fed kept it steady.

You're listening to Motley Full Money.

I'm Ricky Mulvey, joined today by Nick Seiple. Nick, good to see you.

Great to be here with you, Ricky.

So the Federal Reserve yesterday voted to keep interest rates steady at four and a quarter to four and a half percent.

The market kind of took this with a sigh of relief as the message from Chair J. Powell seemed to be inflation still sticky, inching down a little bit. He called the labor market in balance.

And the economic outlook is more uncertain. When is it ever certain? But now you have tariffs into the mix.

When you reviewed this press conference, what were your big takeaways?

Yeah, not a lot of surprises.

Again, the Fed kind of staying the course.

Big thing jumped out to me.

The FOMC, the Federal Open Market Committee,

downgraded their outlook for economic growth to 1.7% down from the last projection at 2.1%.

At the same time, you have the inflation outlook up to 2.8%, up from the previous 2.5%.

A little bit of a stagflation angle.

Maybe materializing that said, Powell, said a good part of the increase in inflation expectations

comes from tariffs.

Not a super big surprise there, but interesting that that's factored into their rate decisions.

I think good to see the Fed

kind of holding steady in an uncertain environment. You got a question about tariffs and basically

saying, how do you create any certainty or projections around this when they're going in, going

out? You can't make a long-term prediction about inflation with these tariffs that seem

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