Are we about to see a showdown between Congress and the Fed?

The Federal Reserve Bank’s message for a while now has been, broadly speaking, “the economy’s doing pretty well.” The central bank has also said it’s time to phase out the extraordinary support that it put in place during the financial crisis, like ultra-low interest rates. As the unemployment rate has dropped, there are real worries prices will rise. But now, it looks like the GOP tax plan may bring some hefty tax cuts, though the details are TBA. That could drive spending. Are fiscal and tax policy at war?

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