John Williams, the president of the Federal Reserve Bank of New York, acknowledged a deterioration in business and consumer sentiment due to uncertainty tied to trade and fiscal policies — although this has not yet shown up in the “hard data.” As a result, he expects the U.S. economy to slow this year.

According to Williams, the first quarter of 2025 was “unusual” due to “enormous movements related to trade,” as consumers and businesses ramped up imports in anticipation of higher tariffs.

“But if you read through all of that noise in the first quarter, what we’re still details ⇒

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