Fed scrambled to make sense of Trump’s 2016 election, transcripts show

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By Howard Schneider WASHINGTON (Reuters) – The election of Donald Trump threw Federal Reserve officials into a scramble to determine what it meant for the American economy, the world, and the U.S. central bank’s own standing, according to transcripts of Fed meetings from 2016. At the Fed’s policy meeting a month after Trump’s Nov. 8, 2016 victory, there were jokes about the unexpected outcome, warnings of the deep fissures it showed in the U.S. economy and the challenges it might pose to the central bank’s independence. “According to some interpretations of the Book of Revelations, when three …

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