Think a lot of people are not understanding this, probably because of all the admin's pressure to force cuts. If the economy is booming as Trump says, there's no reason to cut. If labor is still positive and people are consuming, there's no reason to cut. With tariffs' effects on prices constantly delayed and trade policy shifting weekly, there's no reason to move at all. The Fed is not a preemptive body. They do not guess the future and act in anticipation. They react to hard data. This is a product of the dual mandates to which their actions are bound. Expecting them to change monetary policy out of expectation, ANY expectation, is to simply misunderstand the way the system works.