Core Viewpoint - The tax legislation proposed by the White House complicates the expectations set by the FOMC staff, potentially leading to stagflation in the U.S. if the tax bill, supported by President Trump, is enacted into law [1] Group 1 - Cleveland Fed President Hammack expresses concerns that the tax legislation will create complex expectations for the economy [1] - There is a caution against overreacting to trade issues amidst the evolving economic landscape [1] - The potential enactment of the tax bill could result in stagflation in the U.S. economy [1]