Some good news buried in all the tariff whiplash

The CPI dropped 0.1% in March (gas dropped 6.3%)

All items less food and energy is the lowest it’s been since 2021

The Fed’s not celebrating though

From the recent meeting:

participants remarked that uncertainty about the net effect of an array of government policies on the economic outlook was high, making it appropriate to take a cautious approach. Emphasizing that uncertainty, a majority of participants noted the potential for inflationary effects arising from various factors to be more persistent than they projected.