Economic Policy: Sticky Inflation and Fed Response; Energy Costs, Debt, Tariffs, and Supply Chains

The Fed held rates at 3.5%-3.75% as inflation, labor weakness, and energy shocks complicate September decisions; debt has reached $40 trillion and tariff risks are worsening. European concern over opaque Treasury currency and bond operations adds a financial-stability and Fed-independence dimension, while Congress remains stuck on the farm bill and SNAP cost-sharing design. Administration claims of a manufacturing renaissance and drug-price reductions require independent verification.