Donald Trump seemed poised to inherit a relatively strong economy when he begins a second term in the White House in January. Then the Federal Reserve signaled that it would have fewer than expected interest rate cuts next year, sending the stock market tumbling, and Trump added to the uncertainty by blowing up a spending bill that House Speaker Mike Johnson, a Republican, had fashioned. On Thursday, though, Trump was praising a scaled-back version of the bill. In little noticed remarks this week, Federal Reserve Chairman Jerome Powell noted that uncertainty about policy was at least part of the reason for caution on lowering interest rates.
