The Fed maintained its rate at 4.3% for the third consecutive meeting, with expectations of potential rate cuts later this year. Chair Jerome Powell highlighted the uncertainty surrounding tariffs and their impact on inflation and unemployment, warning of stagflation risks. While the economy appears solid now, Powell indicated that future decisions will depend on inflation and unemployment trends. The Fed's cautious stance may lead to conflicts with the Trump administration, which is advocating for lower rates. Overall, the economy is in decent shape, but inflation concerns are rising.