For all the uncertainty plaguing the U.S. economy, one observation is clear: From job growth to consumer spending , the $30 trillion engine is slowing.

That usually signals it's time for the Federal Reserve to cut interest rates. And Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, posited two such moves before the end of the year in a Wednesday TV interview.

But there's a big caveat to Kashkari's call: The central bank might have to reverse course and raise rates. That's if President Donald Trump's global tariffs - which on Thursday hit about 90 countries with import taxes as high as 50% - push inflation back up again.

"I would love to not have to do that," Kashkari said on CNBC from the Aspen Economic Strategy Group forum. "But I'm realizing that these tariff eff

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