The Federal Reserve decided this week to leave interest rates where they are, at 4.25 percent to 4.5 percent. Although the Fed acknowledged that the labor market was still “solid,” it also noted that “risks of higher unemployment and higher inflation have risen.”

Recall that last November, the single biggest reason voters gave in exit polls for choosing Trump was that he’d bring prices down.

Last Saturday, 25 percent tariffs on auto parts came into effect (distinct from pre-existing tariffs on the imported autos themselves).

Every one of the 10 million cars built in the United States last year had at least some imported parts. So, the price of American-made cars is about to go up.

Tariffs will add an average of about

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