Bill Dudley, Columnist

Trump’s Economics Are Anybody’s Guess. Here’s Mine.

Prepare for inflation, higher interest rates and turbulence as the president puts his plans into action.

January 22, 2025 at 11:30 AM UTC

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

It’s gonna be real.
Photographer: Al Drago/Bloomberg

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Now that Donald Trump has taken office, markets and the economy have a new and very different driving force. Forget about the Federal Reserve. America’s outlook will depend much more on how, and to what extent, the president puts his plans on everything from tariffs to deportations into action.

What to expect? That’s a very difficult question. Nevertheless, one can make an educated guess. Here’s mine.