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Background
The global economy has slowed, and with it so has the US economy. The New York Fed is estimating below-trend annualized growth for both Q1 and Q2, at an average of only 1.5% real GDP growth. Germany and Italy are close to recession. Canada's growth has been disappointing.
The Fed's statutory dual mandate of promoting growth with stable and low inflation is thus imperiled with regard to growth.
Inflation is low and trending down. The February CPI-U is only up 1.5% yoy. PCE inflation as of January was only 1.4%. The trimmed mean PCE