[...]

In his press conference following the meeting, Powell acknowledged that the Fed's forecasts, always subject to sudden changes in circumstances, were made with an "unusually elevated" degree of uncertainty in light of the "significant policy changes" suggested or already implemented by the Trump administration. "The new administration is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation. It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy," Powell said. "As we parse the Incoming information, we are focused on separating the signal from the noise as the outlook evolves."

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