Mike Maharrey discusses the Federal Reserve’s ever-changing stance on inflation, the reality behind rising consumer prices, and a seemingly unrelated yet important development—the end of the U.S. penny.

The administration's piecemeal approach may be damaging, Fed officials say, as businesses and consumers adjust to an outlook that seems unpredictable.

Business leaders across the country told Federal Reserve officials that they will try to pass along to consumers any higher costs resulting from potential Trump tariffs, according to minutes of the central bank’s January meeting,