Federal Reserve member John Williams emphasized the crucial role of economic indicators in future policy decisions. He underscored that data will heavily influence whether interest rate cuts are implemented, with these moves potentially contingent on favorable market conditions beneficial to the Trump administration. Despite encouraging employment statistics, Bitcoin faced a downturn today attributed to concerns regarding Cook’s dismissal. 75% of economists surveyed expect no rate cut this year. 1-1.5% is expected to be added to inflation in 2023 from tariffs. Williams notes that trade and migration are weighing on economic growth, with GDP predicted to grow only 1.25%-1.50% in 2023. Unemployment is projected to reach 4.5% next year, and PCE inflation is expected to remain around 3-3.25% before gradually decreasing to 2% by 2027. A substantial reduction of over 100 basis points might still be a distant objective based on current FedWatch data.