The Federal Reserve held interest rates steady yesterday as concerns loom over President Trump’s new tariffs. And, a judge denied a request to block DOGE’s takeover of the U.S. Institute of Peace.
Today’s top story
The Federal Reserve held interest rates steady yesterday as it warned that President Trump’s new tariffs could hurt the U.S. economy. The Fed cut its economic growth forecast and raised its expectations for inflation. Trump stated later on social media that the Fed should lower rates as tariffs set in.
???? The Fed signaled that it’s still on track to cut interest rates twice later this year, NPR’s Maria Aspan tells Up First. With Trump’s on-again, off-again tariffs against some of the U.S.’s largest trading partners, the Fed says it’s dealing with some uncertainty around the economic outlook. The economy is expected to grow more slowly this year than previously projected, and inflation is expected to grow faster, according to the Fed.
A federal judge denied a request to block the Department of Government Efficiency’s takeover of the U.S. Institute of Peace. She made the decision despite having concerns about the tactics DOGE used to force its way into USIP.
???? U.S. District Judge Beryl Howell pointed out that the temporary restraining order USIP members requested yesterday didn’t meet several thresholds for a court to agree to step in.
