The Fed has been prepared for Trump’s plans since 2016. Here’s how 2024 is different

The economic measures Trump promised during the recent campaign echo what he pledged in 2016.

Within weeks of Donald Trump’s 2016 election, U.S. Federal Reserve policymakers began mulling the impact of expected tax cuts and tariffs on the economy, penciling in rough estimates of what was to come, with some among them concluding higher interest rates may be needed to keep inflation in check.