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Officials at the Federal Reserve have been noncommittal about what a Trump presidency means for the economy, but behind the scenes, they may already be discussing what the second Trump era will look like.
Transcripts of the FOMC meeting in December 2016, following Trump’s victory over Hillary Clinton in the presidential election, provide a window into how the central bank may adjust its economic forecasts to account for the second Trump era.
In a press conference last week, Federal Reserve Chair Jerome Powell said the Fed isn’t making assumptions about what Trump will do. Instead, the central bank will react to his policies only after they are officially announced, he said.
“We don’t guess. We don’t speculate. We don’t assume,” Powell said.
However, officials may already be changing their forecasts out of the public’s view.
The Fed sets its benchmark interest rate to achieve long-term goals of keeping prices stable and unemployment …
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