TRUMP'S ECONOMIC 'GOLDEN AGE' MEETS FED'S BRASS TACKS

President Donald Trump's inauguration promise in January that "the golden age of America begins right now" remains unfulfilled in the outlook of Federal Reserve officials who so far see his policies slowing the economy, raising unemployment and inflation, and clouding the horizon with a still-unresolved tariff debate that could deliver a fresh shock in coming weeks.

The U.S. central bank's response has been to put planned interest rate cuts on hold until perhaps the fall while the debates over tariffs and other administration priorities unfold, and to project a slower eventual pace of rate cuts to a higher stopping point. Effectively it embeds steeper borrowing costs into Fed policymakers' outlook to insure against inflation they now see as higher in coming months than they did before Trump took office for a second time.

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