The true risk facing the U.S. economy isn’t tariffs, it’s what they reveal about fading institutional discipline, especially at the Federal Reserve.
Tariffs dominate headlines, but the deeper issue is the Fed’s credibility in the face of persistent inflation, markets anticipating rate cuts, and, most significantly, political pressure. As trust in the Fed’s inflation-fighting resolve fades, the consequences ripple through global capital flows, currency strength, and commercial real estate.
This may be the moment where inflation expectations break free, liquidity evaporates, and long-held assumptions about monetary stability, and real estate values, come undone. continue
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By: Adam Gower Ph.D.