The U.S. economy already is showing signs of a stagflationary impulse where growth is slowing and inflation is proving stickier than expected. President Donald Trump is set Wednesday to begin the biggest gamble of his nascent second term,

The murky economic outlook makes it more challenging to determine the path of interest rates going forward, he says.

Donald Trump’s reassurance of a more generous approach to tariffs was reversed again, apparently returning to draconian across-the-board 20% tariffs. The president’s imminent Rose Garden “Liberation Day” announcement of universal tariffs on everything coming into the U.