If U.S. stock investors are true believers in President Donald Trump’s economic agenda, count members of the Federal Reserve as agnostics.
The S&P 500 Index rose in seven of Trump’s first eight weeks in office before suffering on Tuesday its biggest one-day setback under the new administration. Yet the Fed appears unswayed by the market’s euphoria. It unveiled forecasts last week that showed officials predict about 2 percent growth in the first three years of Trump’s presidency -- little changed from their December estimates. Also unaltered was their expectation for three interest-rate increases in 2017 and three next year.