John Lonski gives his takeaways from the FOMC decision, which leaves rates unchanged in a 9-2 vote. The FOMC statement highlights inflation worries and risks to both sides of its dual mandate. John argues that underlying inflation is still moving lower and thinks “stronger than expected jobs growth” is a bigger risk to re-inflation than tariffs. “The Fed maybe put too much of an emphasis on tariffs,” he continues. He gives a potential case where the Fed could even raise rates, though his base case is around two cuts this year.