The Federal Reserve left rates unchanged, as expected. Forecasts cut economic growth projections for the next three years, to a rate well below that of the each of the last four years. Inflation forecasts were pushed up. The media will rush to declare “stagflation”—but this is hardly the 1970s. Tariffs will raise inflation and then lower growth, so the pattern is not unexpected, and of course there is considerable uncertainty given erratic government policy.