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Timeline

April 2025

Key Event
April 2025

Fed chair says tariffs could drive inflation as Trump calls for interest rate cuts

Federal Reserve Chairman Jerome Powell warned for the first time that President Donald Trump’s imposition of tariffs on imported goods could lead to higher inflation and slower economic growth. Trump responded by indicating that he wanted to remove Powell from his position as head of the central bank.

March 2025

Key Event
March 2025

Egg prices drop 33% from all-time high, USDA predicts Easter uptick

New U.S. Department of Agriculture data showed egg prices dropping 33% from an all-time high of $8.17 to $5.51 per dozen. However, prices remained 50% higher than a year earlier.

January 2025

Key Event
January 2025

Fed pauses rate cuts in first interest rate decision since Trump took office

In its first decision on interest rates since President Trump returned to office, the Federal Reserve left its benchmark interest rate unchanged – a reflection of persistently high inflation.

September 2024

Key Event
September 2024

Inflation cools to 2.5% in August but monthly core prices came in hotter

Consumer price inflation cooled for the fifth straight month ahead of the 2024 presidential election. The Democratic presidential nominee, Vice President Kamala Harris, hoped the lower inflation rate would ease voter discontent over high prices that followed the COVID-19 pandemic.

April 2023

Key Event
April 2023

Half the country thinks Biden’s policies are doing nothing for middle class

A new poll showed half the country believes President Joe Biden’s policies were not benefitting the middle class – a foreshadowing of problems Biden’s Democratic party would face in the 2024 elections.