UBS On-Air: Paul Donovan Daily Audio 'Policy and policy uncertainty'

The Federal Reserve did nothing on rates, which seemingly displeased US President Trump. Uncertainty about the inflationary impact Trump’s policies might reduce the chance of a March rate cut, but characterizing policy as restrictive does suggest future rate cuts are plausible. Overt criticism of the Fed by Trump risks tilting the Fed toward hawkishness in any close call decision, to prove their independence.