“What is completely uncertain is what the destination looks like,” says Mohamed El-Erian, president of Queens’ College, about the U.S. economy.

High interest rates have held back investment in production. They’ve eased, but firms are wary of the effects of potential tariffs and tax cuts.

Kai Ryssdal explores what would happen to the global economy if the Federal Reserve lost its autonomy.

Many are more optimistic and open to new projects because their own costs are easing and they expect consumers to spend more.

Generally once prices rise, they don’t go back down.

Other central banks were already cutting benchmark interest rates months before the Fed. Here’s why the Fed’s cut has global impact.

So far, the bond market seems to be doing the opposite of the Fed’s plan. But the cut was anticipated, and recession fears have eased.

Because data lags, the current level is uncertain. Plus, key factors like unemployment and the commercial property market are volatile.

The Fed is slowing the pace of shrinking its bond holdings, aka quantitative tightening, perhaps before easing its interest rate stance.

And why is there no target number to measure it, as there is with inflation —the Federal Reserve’s other mandate?